CMC to Post Negative Sales Growth During Current Fiscal

CMC had reported its latest quarterly earnings on October 15th, 2020.

SEATTLE (Scrap Monster): Analysts anticipate negative year-on-year sales growth rate of 1.4% for Irving, Texas-headquartered steelmaker Commercial Metals Company (CMC) during the current fiscal year. The current fiscal year sales are expected to total at $1.36 billion. The company had reported sales of $1.38 billion during the corresponding quarter last year. It must be noted that the company is due to report its earnings report on 11^th January, 2021.

The average of estimates of full fiscal year sales stood at $5.38 billion, with estimates ranging from $5.29 billion to $5.47 billion. The sales for the upcoming financial year are projected at $5.42 billion, slightly higher from current fiscal year level.

CMC had reported its latest quarterly earnings on October 15^th, 2020. It had reported earnings per share of $0.79 for the quarter. The company had reported revenue of $1.22 billion during the quarter, with 5.10% net margin. The revenue had declined by over 8% on a year-on-year basis.

Recently, Fitch had affirmed a stable outlook on CMC, anticipating relatively stable operating margins through the cycle compared with steel manufacturing peers. It had predicted that the company’s exposure to strong construction demand regions is likely to benefit it a lot.

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