Fourth quarter and full year net sales increased by 18% and 26%, respectively
Indebtedness reduced by $124.5 million during the fourth quarter
Americas Mills segment metal margin increased $13 per ton to $399 per ton in the fourth quarter and increased $73 per ton for the full year
Earnings from continuing operations increased 68% to $0.72 per diluted share in the fourth quarter and increased 47% to $1.67 per diluted share for the full year
Adjusted earnings from continuing operations increased 52% to $0.76 per diluted share in the fourth quarter and increased 41% to $2.08 per diluted share for the full year
Irving, TX - October 23, 2019 - Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal fourth quarter and year ended August 31, 2019. Net sales for the fourth quarter increased 18% to $1.5 billion from $1.3 billion in the prior year quarter, and for the full year increased 26% to $5.8 billion compared to $4.6 billion in the prior year, reflecting increased capacity from the previously announced rebar assets acquisition. Earnings from continuing operations were $85.9 million, or $0.72 per diluted share, in the fourth quarter compared to $51.3 million, or $0.43 per diluted share, in the prior year quarter. For the full year, earnings from continuing operations were $198.8 million, or $1.67 per diluted share, compared to $135.2 million, or $1.14 per diluted share in the prior year.
Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, commented, "2019 was a transformational year for CMC. I am proud of what our team accomplished, with results that reflect the successful execution of our growth strategy and the strong fundamentals in the end markets we serve."
"Key milestones in fiscal 2019 included the completion and integration of CMC's largest acquisition to date, the ramp up of our second micro mill in Oklahoma, and the addition of hot spooled rebar capability at our Arizona micro mill. Together, they bolster the strategy that has positioned CMC to be the largest supplier of rebar and a leading producer of merchant bar for the U.S. market place. In addition, our Polish operations generated full year EBITDA in excess of $100 million from strong sales and margins despite the flood of imported steel into the European Union. The successful execution of these accomplishments resulted in our ability to reduce our indebtedness by $124.5 million during the fourth quarter," Smith added.
Results for the fourth quarter and full year included net after-tax expenses related to certain non-operational costs resulting from the acquisition and integration of the rebar assets of $4.9 million and $48.8 million, respectively. Excluding these expenses, adjusted earnings from continuing operations were $90.8 million, or $0.76 per diluted share,
The following information was filed by Commercial Metals Co (CMC) on Wednesday, October 23, 2019 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.
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Form Type: 10-K Annual Report Accession Number: 0000022444-19-000042 Submitted to the SEC: Wed Oct 23 2019 11:09:45 AM EST Accepted by the SEC: Wed Oct 23 2019 Period: Saturday, August 31, 2019 Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens