Commercial Metals Company announced Tuesday financial results for its first quarter ended November 30, 2014. Net earnings attributable to CMC for the first quarter ended November 30, 2014 were $36.3 million, or $0.30 per diluted share, on net sales of $1.7 billion. This compares to net earnings attributable to CMC of $45.9 million, or $0.39 per diluted share, on net sales of $1.6 billion for the three months ended November 30, 2013. Results for the first quarter of fiscal 2014 included an after-tax gain of $15.5 million ($0.13 per diluted share) associated with the sale of the Company's wholly owned copper tube manufacturing operation, Howell Metal Company.
Joe Alvarado, Chairman of the Board, President, and CEO, commented, "The results for our fiscal first quarter were strong with adjusted operating profit from continuing operations improving by 7 percent over both the sequential quarter and the same quarterly period one year ago. We achieved these results despite declining scrap prices, a three week planned outage at our minimill in Poland and fewer shipping days during the first quarter of fiscal 2015 compared to the fourth quarter of fiscal 2014."
Alvarado concluded, "We are encouraged by the continued improvement in the US economy with job growth and rising wages. Our second fiscal quarter has historically been slower as a result of a seasonal downturn in construction activity due to the holidays and the onset of winter weather. Consistent with prior years, we plan to take advantage of the slower business activity with planned outages for routine maintenance and equipment upgrades."