Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal third quarter ended May 31, 2019.
Earnings from continuing operations were $78.6 million, or $0.66 per diluted share, on net sales of $1.6 billion, compared to earnings from continuing operations of $42.3 million, or $0.36 per diluted share, on net sales of $1.2 billion for the prior year period.
Revenue increased 33% on a year-over-year basis driven by the company's growth strategy and strong fundamentals in its core markets.
CMC also said its liquidity position at the end of May continued to be strong with cash and cash equivalents of $120.3 million and availability under the Company's credit and accounts receivable sales facilities of $617.2 million.
This week, CMC’s board of directors of CMC declared a quarterly dividend of $0.12 per share of CMC common stock payable to stockholders of record on July 5. The dividend will be paid on July 18.
Said CEO Barbara R. Smith,, "The strong results for the quarter reflect the strength of construction activity, as well as solid industrial production levels and the resilient U.S. and Polish economies.
"Our recent acquisition, our Greenfield Oklahoma facility, and introduction of hot spooled rebar were all meaningful contributors to top and bottom line financial results.
"In addition, the fundamentals of the fabrication segment have improved significantly as we have shipped the majority of the lower priced work in our backlog which has resulted in a significant improvement in the segment results."
Shares hikes 78 cents, or 4.9%, to $16.66
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