CMC reports 19% rise in forth quarter financial results
Commercial Metals Co. (CMC) reported that although earnings improved by 19% in the last quarter, fiscal 2003 which ended on August 31, 2003 hasn't been a good year for the company. This is attributed to poor conditions in its key markets. Nevertheless, recovery seen in company's
manufacturing division played an important role in fourth quarter results.
According to figures, net income in the last quarter reached to $10.7 million over $9 million recorded in the same quarter a year earlier. However, this increase did not help full year net income to fall by almost 53.4% from $40.5 million to $18.9 million compared to previous fiscal. Sales increased both in the last quarter and fiscal 2003 to $805 million and $2.9 billion respectively.
CMC stated that they forecast much better results in the next fiscal year and first quarter due to measures taken for cost reduction and productivity expansion together with expected good market conditions.