SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) posted record fourth quarter and full year fiscal 2021 results.
The company achieved record earnings from continuing operations of $152.3 million or $1.24 per diluted share in the quarter ended August 31st, 2021. This compares with earnings from continuing operations of $67.8 million or $0.56 per diluted share during the prior year quarter. The quarterly net sales increased significantly from $1.4 billion to $2.0 billion year-on-year. For the full fiscal year, earnings from continuing operations were $412.9 million or $3.38 per diluted share. This compared to $278.3 million or $2.31 per diluted share a year before.
CMC reported solid liquidity position as of end-August this year. The cash and cash equivalents stood at $497.7 million. The company has $668.2 million under its credit and accounts receivable facilities.
Barbara R. Smith, President and Chief Executive Officer, CMC noted that the company’s performance during fiscal 2021 was exceptional. The several years of methodical strategic transformation have resulted in significantly enhanced earnings capabilities. The strong operating platform will allow it to continue pursuing value-accretive growth in future, Smith added.
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