Commercial Metals Company North America Segment Earnings Declined

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced financial results for its fiscal first quarter ended November 30, 2020.

The company reported Q1 earnings from continuing operations of $63.9 million or $0.53 per diluted share. This compares with prior year period earnings from continuing operations of $82.8 million or $0.69 per diluted share. The net sales remained more or less unchanged at $1.4 billion. The adjusted earnings from continuing operations totalled $69.8 million or $0.58 per diluted share, compared to $0.73 per diluted share a year before.

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CMC’s North America segment recorded adjusted EBITDA of $155.6 million for the first quarter of fiscal 2021, compared to adjusted EBITDA of $174.7 million for the prior year quarter. Meantime, the Europe segment recorded adjusted EBITDA of $14.5 million, compared to $11.4 million a year before.

Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, CMC said that the company has delivered another quarter of solid performance. The strong results were achieved while navigating the unique challenges presented by the pandemic. CMC is committed to execute its key strategic initiatives, as announced before, Smith added.

The company’s liquidity position remained strong with cash and cash equivalents of $465.2 million. The Board of Directors declared a quarterly dividend of $0.12 per share, payable to shareholders of record on 21^st January, 2021 on 4^th February, 2021.