COMMERCIAL METALS COMPANY REPORTS FOURTH QUARTER EARNINGS FROM CONTINUING OPERATIONS OF $0.43 PER SHARE AND ADJUSTED EARNINGS FROM CONTINUING OPERATIONS OF $0.51 PER SHARE
Irving, TX - October 25, 2018 - Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal fourth quarter and year ended August 31, 2018. For the three months ended August 31, 2018, earnings from continuing operations were $51.3 million, or $0.43 per diluted share, on net sales of $1.3 billion, compared to a net loss from continuing operations of $10.1 million, or $0.09 per diluted share, on net sales of $1.1 billion for the three months ended August 31, 2017.
Fourth quarter results include after-tax expenses of $8.6 million related to the announced acquisition of certain rebar assets from Gerdau S.A.. Excluding these expenses, adjusted earnings from continuing operations were $59.9 million, or $0.51 per diluted share, as detailed in the non-GAAP reconciliation on page 12, compared to adjusted earnings from continuing operations of $6.8 million, or $0.06 per diluted share, for the three months ended August 31, 2017.
For the fiscal year ended August 31, 2018, earnings from continuing operations were $135.2 million, or $1.14 per diluted share, on net sales of $4.6 billion. This compares to earnings from continuing operations of $50.2 million, or $0.43 per diluted share, on net sales of $3.8 billion for the fiscal year ended August 31, 2017. Adjusted earnings from continuing operations for the fiscal year ended August 31, 2018 were $176.1 million, or $1.49 per diluted share, which was a 163% increase compared to $67.0 million, or $0.57 per diluted share, in the prior year.
Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, commented, "I am proud of what our team has accomplished during fiscal 2018. In addition to delivering our best financial results since the Great Recession, we also completed construction and commissioning of our second micro mill in Durant, OK, becoming the first producer of hot spooled rebar in the United States. We also had record levels of shipments of steel products from our operations in the U.S. and Poland and achieved our lowest safety incident rate in the history of CMC."
The Company's liquidity position at August 31, 2018 remained strong with cash and cash equivalents of $622.5 million and availability under the Company's credit and accounts receivable sales facilities of $617.8 million.
The following information was filed by Commercial Metals Co (CMC) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.