COMMERCIAL METALS COMPANY REPORTS FOURTH QUARTER
AND FULL YEAR FISCAL 2020 RESULTS
•Fourth quarter GAAP Earnings from Continuing Operations increased 5.6% sequentially, Adjusted Earnings from Continuing Operations increased 35%
•Fourth quarter Core EBITDA rose 14% sequentially. Fiscal year 2020 Core EBITDA increased 30% year-over-year
•Fourth quarter North America segment Adjusted EBITDA increased 9% sequentially, driven by higher shipments of finished product and strong cost management throughout the vertically integrated value chain
•Generated full year Cash from Operations of $791.2 million
Irving, TX - October 15, 2020 - Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal fourth quarter and year ended August 31, 2020. Earnings from continuing operations were $67.8 million, or $0.56 per diluted share, in the fourth quarter, compared to $85.9 million, or $0.72 per diluted share, in the prior year period. For the full year, earnings from continuing operations were $278.3 million, or $2.31 per diluted share, compared to $198.8 million, or $1.67 per diluted share in the prior year.
During the fourth quarter of fiscal 2020, the Company incurred $27.5 million in net after-tax charges, the largest of which related to the post-closing working capital settlement associated with its fiscal 2019 rebar asset acquisition. In addition, the Company incurred non-cash charges in connection with facility closures, as it continued to optimize its operational footprint, as well as debt extinguishment costs related to the complete pay-down of CMC's term loan facility. Excluding these and other, one-time expenses, fourth quarter adjusted earnings from continuing operations were $95.3 million, or $0.79 per diluted share, compared to adjusted earnings from continuing operations of $0.76 per diluted share in the prior year period. Details can be found in the non-GAAP reconciliation on page 12.
Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, commented, "Fiscal 2020 was an exceptional year for CMC, and our strong results – including enhanced earnings, increased cash flow, additional operational flexibility, and a more robust balance sheet – demonstrate the value of CMC’s purposeful strategic transformation completed over the last several years and our position as a leader in concrete reinforcement."
"The past year was also one of unprecedented challenges that altered the work and home life of each of our employees. I could not be prouder of the way the CMC team members responded, delivering a banner year for our Company despite the difficulties presented by the COVID-19 pandemic. Looking ahead, we continue to strategically build for the future. We expect our ongoing network optimization efforts will yield additional margin and working
The following information was filed by Commercial Metals Co (CMC) on Thursday, October 15, 2020 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.