CMC anticipates a drop in consolidated financial results in Q1 fiscal 2025 compared to the fourth quarter.
SEATTLE (Scrap Monster): Commercial Metals Company (CMC) declared financial results for its fiscal fourth quarter and full fiscal year ended August 31, 2024. The demand for CMC’s products remained stable in North America during the quarter.
The company reported fourth quarter net earnings of $103.9 million, or $0.90 per diluted share. This compares with prior year period net earnings of $184.2 million, or $1.56 per diluted share. Net sales for the quarter were $2.0 billion, which is less than the $2.2 billion from the same quarter last year. According to the business news release, CMC also recorded consolidated core EBITDA of $227.1 million and core EBITDA margin of 11.4% for the fourth quarter.
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The company's net earnings for the entire fiscal year 2024 were $485.5 million, or $4.14 per diluted share, as opposed to $859.8 million, or $7.25 per diluted share, for the previous year. Additionally, the net sales decreased from $8.8 billion to $7.9 billion in the previous year.
Commenting on the results, Peter Matt, President and Chief Executive Officer at CMC noted that fiscal 2024 was another successful year for the company. For the second year in a row, record employee safety performance was reported. Additionally, it produced the third-best financial results in the business's history.
CMC anticipates a drop in consolidated financial results in Q1 fiscal 2025 compared to the fourth quarter.
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