Commercial Metals Company (CMC) recently announced its financial results for the fiscal third quarter ended May 31, 2023
Commercial Metals Company (CMC), a steel and metal products manufacturer, recently announced its financial results for the fiscal third quarter ended May 31, 2023. The company reported net earnings of $234.0 million, or $1.98 per diluted share, on net sales of $2.3 billion, compared to the previous year's net earnings of $312.4 million, or $2.54 per diluted share, on net sales of $2.5 billion. Despite a slight decline in adjusted earnings due to a one-time charge, CMC delivered strong performance driven by robust North American construction activity, favorable product margins, and cost reduction efforts.
CMC's third-quarter adjusted earnings, excluding a net after-tax charge related to the commissioning of the Arizona 2 micro mill, were $239.7 million, or $2.02 per diluted share. While this represents a decrease from the prior year period, it demonstrates the company's resilience and solid performance in the face of challenging market conditions. The North America segment, in particular, exhibited impressive EBITDA growth both sequentially and year-over-year, highlighting the strength of CMC's business and the positive trends in its end markets.
On June 21, 2023, CMC's board of directors declared a quarterly dividend of $0.16 per share of common stock, payable to stockholders of record on July 3, 2023. This marks the 235th consecutive quarterly payment by the company and represents a 14% increase from the dividend paid in July 2022. The dividend announcement reflects CMC's commitment to rewarding shareholders and underscores its positive outlook for the future.
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