CMC's earnings take 5.6% hit as Asian, European prices slip

Dec 23, 2005 | 05:19 AM | Michael Marley

Higher expenses and weaker steel prices in Asia and Europe pushed Commercial Metals Co.'s (CMC's) fiscal first-quarter earnings down 5.6 percent to $69.6 million from $73.7 million during the comparable period last year.

(in thousands except per share)
1st qtr. ended Nov. 30
Net sales$1,645,698$1,529,072
Net income69,62473,725
Per share1.141.21

The Irving, Texas,-based steelmaker and scrap processor said net sales for the period rose 7.6 percent to $1.65 billion from $1.53 billion.

Sales at the company's scrapyards rose to $236.4 million, up 7.2 percent from $220.5 million in the prior year's first quarter in the face of continually volatile ferrous scrap prices and lower stainless steel scrap prices. But the division's operating profits declined by 30 percent to $13.8 million from $19.8 million in the prior year's quarter.....

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