Commercial Metals Company Posted Robust Results for 2Q Fiscal 2020

SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced robust results for second quarter of fiscal ended February 29^th. Meantime, it stated that guidance for its earnings could not be provided, mainly due to economic uncertainties caused by COVID-19 outbreak. The company had posted strong results in first quarter fiscal 2020.

The earnings from continuing operations surged higher by 326% over the previous year to $63.6 million. The earnings per diluted share from continuing operations recorded notable year-on-year increase from $0.13 to $0.53. The EBITDA was up by 60% to $145.3 million on net sales of $1.3 billion. Also, gross margin reported 15% jump from the previous year to total $217.9 million.

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The company’s Americas Mills segment adjusted EBITDA was up by 12% in second quarter of the fiscal at $125.7 milllion. The Americas Fabrication segment also switched from adjusted EBITDA loss of $49.6 million to adjusted EBITDA gain of $16.1 million. Meantime, the International Mill Segment in Poland as well as the Americas Recycling Segment reported notable decline in adjusted EBITDA.

Barbara R. Smith, President and Chief Executive Officer commented that the company was able to deliver robust Q2 results despite winter seasonality and an unusually wet February.