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CMC Reported Strong Results Owing to Key Strategic Transformations

2020-10-20 By Suny Group

Irving, Texas-headquartered Commercial Metals Company (CMC) announced financial results for its fourth quarter and the full fiscal year 2020 ended 31st August, 2020.

The company reported earnings from continuing operations of $67.8 million, or $0.56 per diluted share, in the fourth quarter. This compares with $85.9 million, or $0.72 per diluted share in the same quarter a year before. The full year earnings from continuing operations this fiscal have increased year-on-year from $198.8 million, or $1.67 per diluted share to $278.3 million, or $2.31 per diluted share.

CMC reported 14% rise in Q4 core EBITDA. Also, fiscal year 2020 core EBITDA surged higher by 30% over the previous year. The fourth quarter adjusted earnings from continuing operations were $95.3 million, or $0.79 per diluted share. The Q4 North America segment adjusted EBITDA witnessed 9% jump sequentially. The shipments of finished products from the segment continued to remain robust.

Barbara R. Smith, Chairman of the Board, President and CEO noted that fiscal 2020 was an exceptional year for the company. The strong results, in the midst of difficulties presented by Covid-19 pandemic, are attributed to the key strategic transformations completed over the past several years, Smith added.

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