Commercial Metals Company (NYSE:CMC) stock dipped midday Monday morning, based on first-quarter financial news.
For the three months ended November 30, 2018, earnings from continuing operations were $19.4 million, or $0.16 per diluted share, on net sales of $1.3 billion, compared to earnings from continuing operations of $31.9 million, or $0.27 per diluted share, on net sales of $1.1 billion for the three months ended November 30, 2017.
First-quarter results include net after tax expenses of $22.1 million related to certain non-operational costs. Excluding these expenses, adjusted earnings from continuing operations were $41.5 million, or $0.35 per diluted share, as detailed in the non-GAAP reconciliation on page 12, compared to adjusted earnings from continuing operations of $36.2 million, or $0.31 per diluted share, for the three months ended November 30, 2017.
Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, commented, "Results for the first quarter were strong even though we experienced historically wet weather in the U.S. which reduced shipments.
"In Poland, we completed a major rolling mill overhaul while also delivering record levels of seasonally adjusted profits from this operation. The highlight of the quarter, however, was the closing of the acquisition of certain rebar assets from Gerdau which occurred on November 5.
"Excluding $4.1 million of inter-company elimination charges, these assets contributed approximately $12.5 million of operating income in the first partial month of ownership."
The Company's liquidity position at November 30, 2018 remained strong with cash and cash equivalents of $52.4 million and availability under the Company's credit and accounts receivable sales facilities of $626.8 million.
Shares fell 32 cents, or 1.9%, to $16.72
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