Commercial Metals (CMC) Tops Q1 EPS by 6c

Commercial Metals (NYSE: CMC) reported Q1 EPS of $0.58, $0.06 better than the analyst estimate of $0.52. Revenue for the quarter came in at $1.4 billion versus the consensus estimate of $1.33 billion.

Outlook:

"We expect finished steel volumes for our North America and Europe operations to follow typical seasonal trends in the second quarter, which is historically our slowest quarter for both segments," said Ms. Smith.

"Shipments of steel and downstream products should be supported by our construction backlog in North America. We are encouraged by recent trends in residential construction and industrial activity in both North America and Europe, which point toward continuing solid demand for merchant products. We anticipate margin headwinds will persist in North America during the second quarter in light of recent significant increases in domestic scrap costs. CMC has acted swiftly to commensurately adjust price levels on rebar and merchant mill products, but these increases have a timing lag relative to the changes in scrap cost levels."

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

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