Commercial Metals post third quarter profit

Commercial Metals post third quarter profit

Commercial Metals Co. (CMC) said on Tuesday, June 21, that its third quarter profit jumped 41% on robust metal margins and a pickup in warm weather construction. The company claimed earnings of over $71 million, or $1.14 per share, a year-on-year increase of just under $21 million, or $0.84 per share. Despite the increase, the results were well wide of the mark set by Wall Street who had previously forecast earnings of $1.25 per share. Regardless the company considered its earnings to be “very positive”. CMC is a diverse steel company with scrap processing yards; rebar and merchant bar mills; and downstream fabrication businesses. They also operate a trading company and import steel goods to the US.