Commercial Metals Q4 Results Top Estimates; Boosts Dividend 14%
(RTTNews) - Commercial Metals Co. (CMC) on Thursday reported that net earnings for the fourth quarter soared to $288.63 million or $2.40 per share from $152.31 million or $1.24 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $294.92 million or $2.45 per share, compared to $154.24 million or $1.26 per share in the year-ago quarter.
Net sales for the quarter increased to $2.41 billion from $2.03 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.23 per share on revenues of $2.38 billion for the quarter. Analysts' estimates typically exclude special items.
On Tuesday, the board of directors declared a 14 percent higher quarterly dividend of $0.16 per share of CMC common stock, payable on November 10, 2022 to stockholders of record on October 27, 2022.
Looking ahead, the company said it anticipates strong financial performance in the first fiscal quarter, with robust demand in North America for each of CMC's major product lines is expected to persist.
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