Commercial Metals Q3 Results Top Estimates
(RTTNews) - Commercial Metals Co. (CMC) on Thursday reported that net earnings for the third quarter soared to $312.43 million or $2.54 per share from $130.41 million or $1.07 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $320.24 million or $2.61 per share, compared to $127.11 million or $1.04 per share in the year-ago quarter.
Net sales for the quarter surged to $2.52 billion from $1.85 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.02 per share on revenues of $2.40 billion for the quarter. Analysts' estimates typically exclude special items.
On Wednesday, the board of directors declared a quarterly dividend of $0.14 per share of CMC common stock, payable on July 13, 2022 to stockholders of record on June 29, 2022.
Looking ahead, the company said it expects strong financial performance to continue in the fourth quarter, with robust demand for each of CMC's major product lines expected to persist.
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