Commercial Metals (CMC) Tops Q3 EPS by 22c

Commercial Metals (NYSE: CMC) reported Q3 EPS of $1.04, $0.22 better than the analyst estimate of $0.82. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.69 billion.

Outlook:

Ms. Smith said, "Strong demand across multiple end-use markets should support robust shipment levels of finished steel during the fourth quarter in both North America and Europe. Construction activity is strong and the industrial sectors are growing in both the U.S. and Central Europe, as both regions continue to recover from the pandemic. We expect margins over scrap on steel products in North America and Europe to be relatively flat or up modestly from third quarter levels."

"Increased willingness of downstream customers in our North America segment to contract new work and the stability of our construction backlog both point to continued demand strength. This view is supported by several widely monitored construction indicators that generally lead activity by nine to twelve months, which have improved significantly in 2021," Ms. Smith added.

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

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