CMC posts $31.2M loss in fiscal 1st qtr. as sales slide
Dec 22, 2009 | 06:23 AM
| Corinna Petry
Commercial Metals Co. (CMC) reported a net loss of $31.2 million in its fiscal first quarter ended Nov. 30, in contrast to net income of $62 million in the same period last year, on sales that fell 39 percent to nearly $1.45 billion from $2.37 billion.
This quarter's results included pre-tax last-in, first-out (Lifo) income of $17.3 million, compared with pre-tax Lifo income of $114 million a year earlier.
"In a period of uneven global economic recovery, our end-use markets ranged from weak to improving," Murray R. McClean, CMC's chairman, president and chief executive officer, said in a statement Tuesday. "We believe the worst of the economic crisis is behind us, yet the prospects for better days will be delayed by the traditionally weak winter season. Real sustainable domestic increases in demand were not apparent and there was no discernible stimulus effect."....
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