Commercial Metals (CMC) Tops Q2 EPS by 16c

Commercial Metals (NYSE: CMC) reported Q2 EPS of $0.66, $0.16 better than the analyst estimate of $0.50. Revenue for the quarter came in at $1.46 billion versus the consensus estimate of $1.44 billion.

Outlook:

"We expect finished steel volumes in both North America and Europe to follow typical seasonal trends during the third quarter, which is historically strong given the start of the spring and summer construction seasons," said Ms. Smith.

"Shipments of steel and downstream products in North America should be supported by our construction backlog, with steel products also benefiting from elevated residential construction spending, continued manufacturing recovery, and anticipated strong highway infrastructure activity. Volumes in Europe are anticipated to remain healthy, driven by growing demand from construction and industrial end markets. We expect margins over scrap on steel products in both North America and Europe to increase sequentially following the realization of price adjustments made throughout the second quarter."

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

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