Commercial Metals Company Posted Record Results in Q2 Fiscal 2022

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced record financial results for its fiscal second quarter ended February 28, 2022.

The earnings from continuing operations totalled $383.3 million or $3.12 per diluted share, as compared with prior-year period earnings from continuing operations of $66.2 million or $0.54 per diluted share. The net sales surged higher from $1.5 billion to $2.0 billion over the year.

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During the quarter, the company reported a net after-tax benefit of $195.8 million related to the sale of its Southern California real estate. Excluding this benefit, the Q2 adjusted earnings from continuing operations were $187.6 million or $1.53 per diluted share. This compares with adjusted earnings from continuing operations of $79.8 million or $0.66 per diluted share in the prior year period.

Barbara R. Smith, Board Chairman, President and Chief Executive Officer said that the company produced the second-best financial performance in the company’s 107-year history, mainly driven by outstanding operational execution and strong end-market demand.

The Board of Directors declared a quarterly dividend of $0.14 per share of to stockholders of record on March 30, 2022.