Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution. The Americas Recycling segment processes scrap metals through 27 scrap metal processing facilities to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers. The Americas Mills segment operates 5 st...
6565 North MacArthur Boulevard
Irving, TX 75039
Founded in 1915
Commercial Metals Company Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended May 31, 2016; Reports Impairment for the Quarter Ended May 31, 2016; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2016
Jun 23 16
Commercial Metals Company announced unaudited consolidated earnings results for the third quarter and nine months ended May 31, 2016. For the quarter, the company reported $1,277,390,000 against $1,506,002,000 a year ago. Earnings from continuing operations before income taxes were $45,787,000 against $61,282,000 a year ago. Earnings from continuing operations were $35,111,000 or $0.30 per diluted share against $39,156,000 or $0.34 per diluted share a year ago. Net earnings were $19,328,000 against $28,709,000 a year ago. Net earnings attributable to CMC were $19,328,000 or $0.17 per diluted share against $28,709,000 or $0.25 per diluted share a year ago. Adjusted earnings per share were $0.17. Adjusted operating profit from continuing operations was $60,940,000 against $82,168,000 a year ago. Adjusted operating profit was $45,191,000 against $71,564,000 a year ago. Adjusted EBITDA was $92,626,000 against $107,098,000 a year ago. Adjusted EBITDA from continuing operations was $92,483,000 against $114,680,000 a year ago. During the third quarter of 2016, the company had cash flows from operations of approximately $174.1 million. Capital expenditures were $42 million for the third quarter of fiscal 2016 compared to $26.5 million in the prior year third quarter.
For the nine months, the company reported $3,401,946,000 against $4,577,109,000 a year ago. Earnings from continuing operations before income taxes were $96,105,000 against $126,986,000 a year ago. Earnings from continuing operations were $71,593,000 or $0.61 per diluted share against $86,886,000 or $0.74 per diluted share a year ago. Net earnings were $54,893,000 against $67,090,000 a year ago. Net earnings attributable to CMC were $54,893,000 or $0.47 per diluted share against $67,090,000 or $0.57 per diluted share a year ago. Net cash flows from operating activities were $506,868,000 against $58,789,000 a year ago. Capital expenditures were $104,481,000 against $75,976,000 a year ago. Adjusted earnings per share were $0.53. Adjusted operating profit from continuing operations was $146,969,000 against $187,044,000 a year ago. Adjusted operating profit was $130,293,000 against $167,864,000 a year ago. Adjusted EBITDA was $240,397,000 against $269,095,000 a year ago. Adjusted EBITDA from continuing operations was $241,271,000 against $285,555,000 a year ago.
For the quarter, the company reported impairment charges of $76,000 against $39,000 a year ago.
For fourth quarter, the company expects the results to remain strong, consistent with third quarter. The company expects to begin realizing productivity and cost improvements in the fourth quarter of fiscal 2016 from key capital projects.
Balance sheet remains a key strength of the company, and it expects to finish fiscal 2016 well positioned to continue the positive momentum into fiscal 2017. The company estimate that capital spending for fiscal 2016 will be in the range of $185 million to $195 million or an additional $88.5 million to $90.5 million through the end of fiscal 2016, which includes expenditures related to the construction of new Oklahoma micro-mill.