CMC reports significant year-on-year gain in fiscal Q2 earnings

Commercial Metals Company announced Thursday financial results for its second quarter ended February 28, 2015. Net earnings attributable to CMC for the three months ended February 28, 2015 were $54.5 million ($0.46 per diluted share) on net sales of $1.4 billion. This compares to net earnings attributable to CMC of $11.1 million ($0.09 per diluted share) on net sales of $1.6 billion for the second quarter ended February 28, 2014. 

The Americas Recycling segment recorded adjusted operating loss of $0.2 million for the second quarter of fiscal 2015 compared to adjusted operating loss of $0.9 million for the second quarter of fiscal 2014.

The Americas Mills segment recorded adjusted operating profit of $98.5 million for the second quarter of fiscal 2015 compared to adjusted operating profit of $44.1 million for the same period in the prior fiscal year.

The Americas Fabrication segment recorded adjusted operating profit of $11.8 million for the second quarter of fiscal 2015 compared to adjusted operating loss of $5.3 million for the second quarter of fiscal 2014.

The International Mill segment recorded adjusted operating profit of $0.8 million for the second quarter of fiscal 2015 compared to adjusted operating profit of $8.3 million for the same period in the prior fiscal year.

Joe Alvarado, Chairman of the Board, President, and CEO commented: "Our third fiscal quarter is the start of the spring construction season, and we are carrying healthy backlogs entering the busy time of the year for construction markets. Elevated levels of imports supported by a strong dollar and excess global supply remain our top challenges. The effects of lower oil prices are starting to translate into slower demand for certain raw materials and steel related products that flow through our International Marketing and Distribution segment. Demand remains quite good in Poland while competitive pressures will continue to constrain margins."