Irving, Texas-based steelmaker, metals recycler and fabricator, Commercial Metals Company (CMC) reported Wednesday net earnings of $28.9 million on net sales of $2 billion for fiscal Q2 (ended February 29, 2012). Earnings were down from fiscal Q1 earnings of $107.7 million but improved substantial from a $46.2 million net loss in the same quarter a year ago.
Consecutive quarters of profitability also resulted in net earnings for the six months ended February 29, 2012 of $136.6 million with sales of $3.9 billion as compared to a net loss of $45.5 million with sales of $3.6 billion for the same period last year.
The Americas Mills and International Marketing and Distribution segments led the quarterly profitability with adjusted operating profits substantially greater than last year's second quarter. Americas Mills had an adjusted operating profit of $54.4 million, $43.5 million higher than last year's Q2.
The International Marketing and Distribution segment had an adjusted operating profit of $26.6 million for this year's second quarter compared to an adjusted operating profit of $12.4 million for last year's second quarter. Most of the operations in this segment were profitable from an overall improvement in market conditions.
CMC's President and CEO Joe Alvarado noted that Q2 2012 was CMC's second highest profitable quarters since fiscal Q1 2009.