CMC earnings up, but miss analyst forecasts

Jun 27, 2014 | 05:43 PM | Nat Rudarakanchana

Tags  Commercial Metals, CMC, Joseph Alvarado, Barbara Smith, rebar, Nat Rudarakanchana

NEW YORK — Commercial Metals Co.’s (CMC’s) earnings rose 24.3 percent in its fiscal third quarter on slightly higher quarterly sales of $1.8 billion.

Net sales during the quarter rose 3 percent vs. the year-ago period, the first noteworthy quarter-to-quarter topline growth in two years, CMC chairman, president and chief executive officer Joseph Alvarado said during a June 27 earnings conference call.

The Irving, Texas-based company’s mill segment posted its best quarterly adjusted operating profit since its fiscal first quarter of 2009, Alvarado said in a statement released with earnings data, noting that quarterly results "were lifted by seasonal construction activity."

But CMC fell short of the Wall Street consensus for earnings, adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) and adjusted operating profit, New York-based Morgan Stanley said.....

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