CMC points to scrap price crash as net slides 10.3%

Dec 17, 2008 | 10:58 AM | Maria Guzzo

Commercial Metals Co. (CMC), Irving, Texas, is blaming the disintegration of ferrous scrap prices for a reduction in its fiscal first-quarter earnings results.

COMMERCIAL METALS CO.(in thousands except per share) 200820071st qtr. ended Nov. 30Net sales$2,372,830$2,116,004Net income62,00669,164Per share0.540.57CMC posted net income of $62 million for the three months ended Nov. 30, a 10.3-percent drop from $69.2 million in the same period last year, on sales that rose 12.1 percent to almost $2.4 billion.....

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