CMC sees one more tough qtr. after $32.1M fiscal 1st-qtr. net loss [UPDATE]
Dec 22, 2009 | 09:02 AM
| Corinna Petry
Commercial Metals Co. 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.
"Our first-quarter results were ugly," William Larson, senior vice president and chief financial officer, said Tuesday during CMC's quarterly conference call. "If we tear apart the quarter, you'll see why we have one more tough quarter ahead of us."
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. "Commercial markets were extremely weak, leaving fierce competition for available markets—predominantly in public sector work. This resulted in deteriorating metal margins at both our mills and fabrication units."....
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