Commercial Metals Company (NYSE:CMC) Issues Quarterly Earnings Results; Misses Estimate

Commercial Metals Company (NYSE:CMC) headquartered in Irving, Texas, announced net income for the third quarter of $ 39.97 million or $ 0.34 per share, compared to income $ 39.27 million or $ 0.34 per share for the year-ago quarter.

The company recorded third quarter adjusted income from continuing operation of $ 48.99 million or $ 0.41 per share, while analysts from Thomson Reuters expected income of $ 0.42 per share.

Top line figures for the third quarter rose 15% to $ 1.20 billion from $ 1.04 billion in the same quarter last year, where as analysts anticipated $ 1.29 billion.

Barbara R. Smith, Chairman, President and CEO, commented, The CMC team delivered outstanding results in our third fiscal quarter. In fact, adjusted EBITDA from continuing operations was the highest since the financial crisis and improved by 56% in comparison to our second quarter of 2018. Strong demand across all of our segments was a principal driver of the improved results.

The board of directors declared a quarterly dividend of $0.12 per share for shareholders of record on July 5, 2018. The dividend will be paid on July 19, 2018.

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