Commercial Metals Company (NYSE:CMC) found its shares soaring on first-quarter figures released Monday.
The company out of Irving, Texas reported first-quarter earnings from continuing operations were $82.8 million, or $0.69 per diluted share, on net sales of $1.4 billion, compared to prior year period earnings from continuing operations of $19.4 million, or $0.16 per diluted share, on net sales of $1.3 billion.
Net sales increased 8% on a year-over-year basis driven by the Company's growth strategy and strong fundamentals in its core markets.
As a result of ongoing network optimization efforts, a decision was made to cease melting operations at its Rancho Cucamonga, Calif. facility, which resulted in a net after tax charge of $5.0 million.
Excluding these expenses, adjusted earnings from continuing operations were $87.8 million, or $0.73 per diluted share. This represents a 109% increase compared to adjusted earnings from continuing operations of $0.35 per diluted share for the three months ended November 30, 2018.
Said CEO Barbara R. Smith,"The first quarter marked the best financial performance from our strategically repositioned portfolio of operations. This milestone reflects the continued health of the U.S. non-residential construction sector, which contributed to strong performances in our Americas Mills and Fabrication segments.
"We believe the metal margin performance seen over recent quarters highlights the stability of CMC's rebar and long product offerings compared to the broader steel market."
Shares jumped $1.54, or 6.9%, to $23.72
