CMC Declared Q4 and Full Year Fiscal 2023 Results

The annual net sales dropped marginally from $8.9million to$8.8 billion year-on-year.

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced financial results for its fourth quarter and full year fiscal 2023 ended August 31, 2023.

The company reported net earnings of $184.2 million or $1.56 per diluted share during the fiscal fourth quarter. This compares with net earnings of $288.6 million, or $2.40 per diluted share during the corresponding quarter a year before. The net sales too recorded decline from $2.4 billion in the prior year period to $2.2 billion.

The Q4 adjusted earnings were $199.9 million, or $1.69 per diluted share, compared to adjusted earnings of $294.9 million, or $2.45 per diluted share, in the prior year period, the press release noted.

For the full year fiscal 2023, CMC reported net earnings of $859.8 million, or $7.25 per diluted share, compared to prior fiscal year’s net earnings of $1,217.3 million, or $9.95 per diluted share. The annual net sales dropped marginally from $8.9million to$8.8 billion year-on-year.

Peter Matt, President and Chief Executive Officer stated that fiscal 2023 recorded another exceptional year for the company, which was possible only by the outstanding operational, commercial, and strategic execution by the CMC team. Furthermore, he thanked Barbara Smith for her outstanding leadership as Chief Executive Officer.

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