Commercial Metals Company Posted Results for Q3 Fiscal 2020
Metal Recycling News | 2020-06-29 19:25:15
The Q3 earnings from continuing operations were $64.2 million or $0.53 per diluted share.
By Paul Ploumis
SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company announced financial results for third quarter fiscal 2020 ended 31st May, 2020.
The Q3 earnings from continuing operations were $64.2 million or $0.53 per diluted share. This compares with earnings from continuing operations of $78.6 million, or $0.66 per diluted share during the corresponding quarter in previous fiscal. The net sales dropped from $1.6 billion to $1.3 billion over the year.
The curtailment of a west coast fabrication facility resulted in $6.2 million net after-tax charge, mainly on account of facility closure expenses and asset impairments. Excluding the above expenses, the company reported adjusted earnings from continuing operations of $70.4 million, or $0.59 per diluted share in Q3, compared to $0.67 per diluted share a year before, said the company press release.
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The company’s Americas Recycling segment recorded an adjusted EBITDA loss of $1.7 million, whereas the Americas Mills segment recorded adjusted EBITDA of $133.2 million for the third quarter of fiscal 2020. The adjusted EBITDA of Americas Fabrication segment totalled $31.9 million. Also, the International Mill segment in Poland recorded adjusted EBITDA of $14.3 million.
