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Commercial Metals Company Q1 net sales $1.7 billion

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Staff writer |
Commercial Metals Company
$0.30 per diluted share   Net earnings attributable to CMC were $36.3 million

Commercial Metals Company announced financial results for its first quarter ended November 30, 2014. Net earnings attributable to CMC for the first quarter ended November 30, 2014 were $36.3 million, or $0.30 per diluted share, on net sales of $1.7 billion.

This compares to net earnings attributable to CMC of $45.9 million, or $0.39 per diluted share, on net sales of $1.6 billion for the three months ended November 30, 2013. Results for the first quarter of fiscal 2014 included an after-tax gain of $15.5 million ($0.13 per diluted share) associated with the sale of the Company's wholly owned copper tube manufacturing operation, Howell Metal Company.

During the first quarter of fiscal 2015, the Company decided to exit and sell its steel distribution business in Australia. As a result, this business has been presented as a discontinued operation for all periods presented.

Earnings from continuing operations were $38.3 million ($0.32 per diluted share) for the first quarter of fiscal 2015, compared with earnings from continuing operations of $33.7 million ($0.29 per diluted share) for the first quarter of fiscal 2014.

Results for the first quarter of fiscal 2015 included after-tax LIFO income from continuing operations of $4.0 million ($0.03 per diluted share), compared with after-tax LIFO expense from continuing operations of $2.8 million ($0.02 per diluted share) for the first quarter of fiscal 2014.

Adjusted operating profit from continuing operations was $73.3 million for the first quarter of fiscal 2015, compared with adjusted operating profit from continuing operations of $68.7 million for the first quarter of fiscal 2014 and $68.8 million for the fourth quarter of fiscal 2014, an improvement over both comparative quarterly periods.

Adjusted EBITDA from continuing operations was $106.4 million for the first quarter of fiscal 2015, compared with adjusted EBITDA from continuing operations of $102.3 million for the first quarter of fiscal 2014.

The Company's financial position at November 30, 2014 remained strong with cash and cash equivalents of $326.1 million and approximately $1.0 billion in total liquidity. As part of our share repurchase program that was approved in late October 2014, we purchased 560,493 shares of our common stock for $9.3 million during the first quarter of fiscal 2015.


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