RSS   Newsletter   Contact   Advertise with us
Post Online Media
Post Online Media Magazine

Commercial Metals Q3 net earnings $56.7 million

Share on Twitter Share on LinkedIn
Staff writer |
Commercial Metals
Commercial Metals Company   Net sales were $1.5 billion

Commercial Metals Company announced financial results for its third quarter ended May 31, 2015. Net earnings attributable to CMC were $56.7 million ($0.49 per diluted share) on net sales of $1.5 billion.

This compares to net earnings attributable to CMC of $23.6 million ($0.20 per diluted share) on net sales of $1.7 billion for the third quarter ended May 31, 2014.

Earnings from continuing operations for the third quarter of fiscal 2015 were $67.1 million ($0.58 per diluted share), compared with earnings from continuing operations of $24.5 million ($0.21 per diluted share) for the third quarter of fiscal 2014.

Results for the three months ended May 31, 2015 included after-tax LIFO income from continuing operations of $24.1 million ($0.21 per diluted share), compared with after-tax LIFO income from continuing operations of $5.3 million ($0.04 per diluted share) for the third quarter of fiscal 2014.

Adjusted operating profit from continuing operations was $126.0 million for the third quarter of fiscal 2015, company's highest adjusted operating profit since the first quarter of fiscal 2009. This compares with adjusted operating profit from continuing operations of $58.1 million for the third quarter of fiscal 2014.

Adjusted EBITDA from continuing operations was $158.5 million for the third quarter of fiscal 2015, compared with adjusted EBITDA from continuing operations of $90.4 million for the third quarter of fiscal 2014.

The Company's financial position at May 31, 2015 remained strong with cash and cash equivalents of $381 million and approximately $1.0 billion in total liquidity.

Pursuant to company's share repurchase program that was approved in October 2014, we purchased approximately 139 thousand shares of company's common stock for $2.2 million during the third quarter of fiscal 2015.

On June 24, 2015, the board of directors of CMC declared a quarterly dividend of $0.12 per share for shareholders of record on July 9, 2015. The dividend will be paid on July 23, 2015.


What to read next
POST Online Media Contact