CMC reports higher net earnings for fiscal Q4, full year

Wednesday, 23 October 2019 19:46:36 (GMT+3)   |   San Diego
       

Commercial Metals Company today announced financial results for its fiscal fourth quarter and year ended August 31, 2019. Net sales for the fourth quarter increased 18 percent to $1.5 billion from $1.3 billion in the prior year quarter, and for the full year increased 26 percent to $5.8 billion compared to $4.6 billion in the prior year, reflecting increased capacity from the previously announced rebar assets acquisition.

Net earnings for fiscal Q4 totaled $86.1 million, compared to $51.6 million in fiscal Q4 2018. Net earnings for the full year totaled $198.1 million, compared to $138.5 million in fiscal 2018.

The company’s Americas Recycling segment adjusted EBITDA of $4.2 million for the fourth quarter of fiscal 2019 declined compared to $17.0 million for the fourth quarter last year. In a press release, the company said the decrease reflected a 27 percent drop in ferrous and 7 percent drop in non-ferrous prices year-on-year, which also constrained volume.

The Americas Mills segment adjusted EBITDA of $160.8 million for the fourth quarter of fiscal 2019 rose 51 percent compared to $106.8 million for the fourth quarter last year, and includes adjusted EBITDA of $58.1 million from the acquired mills, on shipments of 455,000 tons. The company said volume increased 45 percent compared to the prior year fourth quarter primarily due to the ramp up of the Oklahoma micro mill and the additional production from the acquired facilities.

The Americas Fabrication segment recorded an adjusted EBITDA loss of $13.2 million for the fourth quarter of fiscal 2019, an improvement compared to an adjusted EBITDA loss of $24.6 million for the prior year fourth quarter. The 2019 fourth quarter included $4.2 million of costs related to the closure of certain acquired locations.


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