Commercial Metals Company (CMC) announced Tuesday financial results for its first quarter ended November 30, 2013. Net earnings for the first quarter were $45.9 million, or $0.39 per diluted share, on net sales of $1.7 billion. This compares to net earnings of $49.7 million, or $0.42 per diluted share, on net sales of $1.7 billion for the three months ended November 30, 2012.
The Americas Recycling segment recorded adjusted operating profit of $0.8 million for the first quarter of this fiscal year, compared with adjusted operating profit of $4.5 million in the prior year's first quarter.
The Americas Mills segment recorded adjusted operating profit of $65.8 million for this year's first quarter, a significant improvement over the prior year's first quarter adjusted operating profit of $51.6 million. Shipments of this segment's higher margin products, such as merchant and rebar, increased, while shipments of lower margin billets declined when compared to the first quarter of fiscal 2013.
The Americas Fabrication segment recorded adjusted operating profit of $2.2 million for this year's first quarter, compared with adjusted operating profit of $10.2 million for the prior year's first quarter.
The International Mill segment recorded adjusted operating profit of $15.3 million for this year's first quarter, compared with adjusted operating profit of $0.9 million for the prior year's first quarter. Volumes increased 4 percent and metal margin increased nearly 12 percent for the quarter ended November 30, 2013 when compared to the same period a year ago.
Joe Alvarado, President, CEO and Chairman of the Board, commented: “We anticipate our second fiscal quarter to be seasonally slower as a result of holiday slowdowns and winter weather conditions, which reduce construction activities. However, many of the economic indicators we highlighted in our prior earnings release for the fiscal fourth quarter of 2013 remain encouraging. Similar to prior years, we will take advantage of the expected slower business activity during our second fiscal quarter to take planned outages for maintenance and to upgrade equipment."