Commercial Metals (CMC) Misses Q1 EPS by 7c

Commercial Metals (NYSE: CMC) reported Q1 EPS of $0.06 or $0.10, ex-items, $0.07 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $1.08 billion versus the consensus estimate of $1.11 billion.

Joe Alvarado, Chairman of the Board, President and CEO, commented, "We experienced margin compression in some of our market segments in the early part of our first quarter; however, rising raw material costs, low customer inventory levels and an increase in bidding activity in November suggest more optimistic outcomes for the balance of the year, allowing for the regular seasonal slowdown in the construction markets we experience in the second quarter. For the last two consecutive quarters of the Jacobson Survey, the customer satisfaction survey of 28 U.S. bar mills, CMC's four mills have held the top four positions in overall customer satisfaction, a testament to our continued focus on customers. This customer focus, as well as aggressive cost management, position us well to take advantage of the hopefully better months ahead for the U.S. steel industry. Our International Mill segment recorded an increase in adjusted operating profit due to increased volumes as the construction sector in Poland improved compared to the first quarter of fiscal 2016. Additionally, our Americas Recycling segment saw improved performance over the first quarter of fiscal 2016 through margin expansion and improved sales volumes."

For earnings history and earnings-related data on Commercial Metals (CMC) click here.

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