CMC: Finished Steel Volumes Surged in Q1 FY2024
During the first quarter, CMC continued to invest and build for the future.
SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced financial results for the fiscal 2024 first quarter ended November 30, 2023.
The company reported net earnings of $176.3 million, or $1.49 per diluted share during the quarter, as compared to $261.8 million, or $2.20 per diluted share during the prior year quarter. The net sales recorded marginal decline from $2.2 billion to $2 billion. The consolidated core EBITDA stood at $325.3 million, whereas the EBITDA margin during the quarter was 16.2%.
The healthy construction activity coupled with near-record margins on downstream products contributed to the robust performance by its North America Steel Group. The finished steel volumes recorded marginal surge by 1.1% over the previous year. Meantime, the Europe Steel Group performed well, despite challenges posed by weaker demand and lower product margins, said the company press release.
During the first quarter, CMC continued to invest and build for the future. The production levels at its new Arizona 2 micro mill recorded notable improvement. The company expects steady improvements in the months to follow. It anticipates to complete site improvements of its Steel West Virginia project shortly.
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