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Commercial Metals (CMC) Tops Q2 EPS Views

March 26, 2015 7:27 AM EDT

Commercial Metals (NYSE: CMC) reported Q2 EPS of $0.46, $0.26 better than the analyst estimate of $0.20. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.64 billion.

The Company's financial position at February 28, 2015 remained strong with cash and cash equivalents of $313.0 million and nearly $1.0 billion in total liquidity. Pursuant to our share repurchase program that was approved in October 2014, we purchased approximately 2.2 million shares of our common stock for $30.2 million during the second quarter of fiscal 2015.

Joe Alvarado, Chairman of the Board, President, and CEO, commented, "Second quarter financial results represented one of our best second fiscal quarters on record in the Company's history. Our domestic mills benefited from lower raw material prices as metal margins expanded significantly when compared to one year ago. We experienced normal seasonal effects with holidays and weather affecting a number of our locations' ability to ship as well as some higher operating cost mainly associated with higher energy cost and curtailments. Conversely, in Poland competitive pressures forced margin compression despite reasonably good market conditions for construction markets in Poland."

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



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