June 25, 2026

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CMC (NYSE: CMC) reported fiscal third-quarter 2026 results above expectations, supported by stronger sales, higher adjusted earnings, margin expansion, and improved core EBITDA.
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CMC is a steel and metals company that manufactures, recycles, and sells steel products used in construction, infrastructure, industrial, and manufacturing markets.
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The company reported adjusted EPS of $1.73, above estimates of $1.60, representing an 8.1% earnings surprise. Net sales came in at $2.48 billion, above the dashboard estimate of $2.39 billion.

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Results Showed Strong Year-Over-Year Growth

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Net sales increased 22.9% year-over-year to $2.48 billion and rose 16.5% from the prior quarter.
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Net earnings increased 108.1% to $173.0 million, or $1.55 per diluted share. Adjusted earnings rose 142.4% to $193.0 million, or $1.73 per diluted share.
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Core EBITDA increased 78.6% year-over-year to $353.6 million. Core EBITDA margin improved to 14.2%, up 440 basis points from the prior-year period and 20 basis points sequentially.
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The improvement was driven by stronger market conditions, metal margin expansion, benefits from CMC’s Transform, Advance, Grow initiatives, better Europe Steel Group performance, and contributions from recently acquired precast businesses.

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Acquisitions and Margin Expansion Helped Results

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CMC said recently acquired precast businesses contributed $52.9 million to core EBITDA during the quarter.
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All segments delivered significant adjusted EBITDA growth compared with the prior-year period. Sequentially, strength in the Construction Solutions Group and Europe Steel Group more than offset pressure in the North America Steel Group.
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Management also highlighted reduced net leverage and said the company has clear visibility to getting below 2x leverage well ahead of its previous mid-2027 target.

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The Bigger Picture

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CMC delivered a strong quarter.
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The company beat earnings expectations, grew sales sharply, expanded margins, and more than doubled adjusted earnings from last year. The main takeaway is that CMC is benefiting from better market conditions, internal efficiency initiatives, and acquisitions that are already contributing meaningfully to EBITDA.
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