CMC Q3 Fiscal 2021 Results Hit New Peak

SEATTLE (Scrap Monster): Irving, Texas-based Commercial Metals Company (CMC) reported record third quarter fiscal 2021 results.

The company reported earnings from continuing operations of $130.4 million or $1.07 per diluted share on net sales of $1.8 billion during the fiscal quarter ended 31^st May, 2021. This compares with earnings from continuing operations of $64.2 million or $0.53 per diluted share on net sales of $1.3 billion during the prior year quarter. Meantime, the Q3 adjusted earnings from continuing operations stood at $127.1 million or $1.04 per diluted share, said the company news release.

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The North America segment generated record adjusted EBITDA of $207.3 million, significantly higher by almost 30% over the prior year quarter. The shipment volumes of finished steel surged higher by 9% year-on-year. The margins on steel products have increased by $40 per ton. The adjusted EBITDA of Europe segment skyrocketed by 250% to $50 million in Q3 fiscal 2021.

Commenting on the outlook, Barbara R. Smith, President and CEO, CMC said that it expects robust finished steel shipments in Q4 in both North America and Europe, driven by strong demand across multiple end-use markets. The margins over scrap on steel products are likely to remain flat or modestly up from Q3, Smith noted.