Commercial Metals Q1 Results Top Estimates; Boosts Dividend 14%
(RTTNews) - Commercial Metals Co. (CMC) on Monday reported that net earnings for the first quarter increased to $261.77 million or $2.20 per share from $232.89 million or $1.90 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $266.19 million or $2.24 per share, compared to $199.15 million or $1.62 per share in the year-ago quarter.
Net sales for the quarter increased to $2.23 billion from $1.98 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.96 per share on revenues of $2.20 billion for the quarter. Analysts' estimates typically exclude special items.
On Thursday, the board of directors declared a 14 percent higher quarterly dividend of $0.16 per share of CMC common stock, payable on February 2, 2023 to stockholders of record on January 19, 2023.
Looking ahead, the company said it anticipates good financial results in the second quarter compared to historical standards, with finished steel volumes in North America and Europe expected to follow typical seasonal patterns, which have historically declined from first quarter levels due to weather conditions and holidays. Additionally, volumes in Europe may be impacted by economic uncertainty.
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