Stock Monitor: Friedman Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 12, 2018 / If you want access to our free earnings report on Commercial Metals Co. (NYSE: CMC) ("CMC"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CMC. The Company reported its third quarter fiscal 2018 operating and financial results on June 21, 2018. The manufacturer and recycler of steel and metal products reported earnings in-line with market estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the third quarter ended May 31, 2018, CMC's net sales jumped 14% to $1.20 billion compared to $1.05 billion in Q3 FY17. The Company's revenue numbers lagged analysts' estimates of $1.27 billion.
For Q3 FY18, CMC's earnings from continuing operations were $42.3 million, or $0.36 per diluted share, compared to $31.6 million, or $0.27 per diluted share, in Q3 FY17.
CMC's adjusted earnings from continuing operations were $49.0 million, or $0.41 per diluted share, in Q3 FY18. The Company's earnings numbers were in-line with Wall Street's estimates of $0.41 per share.
Business Segments Review
During Q3 FY18, CMC's Americas Recycling segment generated sales of $364.1 million compared to $294.2 million in Q3 FY17. The segment recorded an adjusted operating profit of $14.4 million in the reported quarter compared to $9.2 million in the year earlier same quarter. This was the highest level of profitability in this segment since Q3 FY11. The improvement in adjusted operating profit was primarily attributed to strong volumes and rising prices in both ferrous and non-ferrous markets.
For Q3 FY18, CMC's Americas Mills segment reported sales of $553.1 million compared to $427.3 million in Q3 FY17. The segment recorded an adjusted operating profit of $70.4 million in the reported quarter versus $50.7 million in the comparable year ago period. The segment's shipments increased 12% and its metal margins increased by $29 per ton on a y-o-y basis. Included in the segment results were expenses of $6.5 million related to the start-up activities of the Durant, Oklahoma micro mill, which were offset by $3.0 million of incentives that were recorded as income during Q3 FY18.
CMC's Americas Fabrication segment's sales totaled $378.2 million in Q3 FY18 compared to $380.0 million in Q3 FY17. The segment recorded an adjusted operating loss of $16.1 million compared to an adjusted operating profit of $1.8 million in the year ago corresponding period.
CMC's International Mill segment's sales came in at $201.7 million in Q3 FY18 compared to $167.6 million in Q3 FY17. The segment recorded an adjusted operating profit of $24.4 million in the reported quarter compared to $13.0 million in the year earlier same quarter. Long steel product demand remained strong and selling prices at this operation increased significantly compared to Q3 FY17.
CMC's liquidity position remained strong with cash and cash equivalents of $600.4 million and availability under the Company's credit and accounts receivable sales facilities of approximately $614.8 million at May 31, 2018. The Company's cash on hand included the proceeds received from the issuance of $350 million of 5.75% of Senior Notes, due 2026, which was completed on May 03, 2018.
CMC stated that leading indicators of macroeconomic and market conditions in both the United States and Poland suggested a continuing economic growth and a strong long steel product demand.
Stock Performance Snapshot
July 11, 2018 - At Wednesday's closing bell, Commercial Metals' stock dropped 2.20%, ending the trading session at $21.75.
Volume traded for the day: 749.33 thousand shares.
Stock performance in the previous three-month period - up 9.68%; past twelve-month period - up 10.46%; and year-to-date - up 2.02%
After yesterday's close, Commercial Metals' market cap was at $2.55 billion.
Price to Earnings (P/E) ratio was at 51.66.
The stock has a dividend yield of 2.21%.
The stock is part of the Basic Materials sector, categorized under the Steel & Iron industry.
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