Commercial Metals Company Posted Earnings Surge in Q1 Fiscal 2023

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) declared outstanding financial results during the first quarter of fiscal 2023 ended 30^th November, 2022.

During the quarter, the company reported net earnings of $261.8 million, or $2.20 per diluted share, as compared to prior year period net earnings of $232.9 million, or $1.90 per diluted share. The quarterly net earnings surged higher by 12% over the previous year. The first quarter adjusted earnings were $266.2 million, or $2.24 per diluted share, in comparison with $199.2 million, or $1.62 per diluted share a year before. Meantime, the net sales increased from $2.0 billion a year before to $2.20 billion.

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According to the company press release, the cash and cash equivalents stood at $582.1 million at the end of the quarter. Also, the available liquidity totaled $1.5 billion. The company declared a quarterly dividend of $0.16 per share, payable to stockholders of record on January 19, 2023, to be paid on 2nd February, 2023.

Barbara R. Smith, Board Chairman, President and Chief Executive Officer, CMC said that the strong execution by its North America and Europe teams amidst challenging market environments helped the company post outstanding financial performance during the first quarter fiscal 2023.