Stock Monitor: Insteel Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 25, 2018 / Active-Investors.com has just released a free earnings report on Commercial Metals Co. (NYSE: CMC). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CMC. The Company released its financial results for the second quarter fiscal 2018 (Q2 FY18) on March 22, 2018. The Irving, Texas-based Company's adjusted earnings from continuing operations grew on a year-over-year to meet market forecasts. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.comis currently working on the research report for Insteel Industries, Inc. (NASDAQ: IIIN), which also belongs to the Basic Materials sector as the Company Commercial Metals. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Commercial Metals most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
In Q2 FY18, Commercial Metals' net sales grew to $1.05 billion from $862.30 million at the end of Q2 FY17. However, net sales numbers fell short of market consensus estimates of $1.20 billion for Q2 FY18. The 22% y-o-y growth in net sales is largely attributable to increased global investment in infrastructure, improvement in the construction and energy sectors, increased pricing of raw materials.
The manufacturer and recycler of steel and metal products reported earnings from continuing operations of $9.78 million, or $0.08 per diluted share, in Q2 FY18 compared to $22.99 million, or $0.20 per diluted share, in the prior year's comparable quarter. The Company's adjusted earnings from continuing operations increased to $31.02 million, or $0.26 per diluted share, in Q2 FY18 from $22.99 million, or $0.20 per diluted share, in Q2 FY17. Meanwhile, Wall Street had also estimated the Company to report adjusted net earnings from continuing operations of $0.26 per diluted share.
In the quarter ended on February 28, 2018, Commercial Metals' costs and expenses totaled $1.04 billion versus $831.53 million in the year ago comparable period. The Company reported earnings from continuing operations before income taxes of $9.78 million in Q2 FY18 compared to $22.99 million reported in the year ago same period. The Company's adjusted operating profit from continuing operations fell during Q2 FY18 to $18.89 million from $43.40 million in Q2 FY17. Furthermore, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations was $64.88 million in Q2 FY18 compared to $73.65 million in the year ago corresponding quarter.
Commercial Metals' Segment Performance
The Americas Recycling segment's net sales rose to $320.63 million in Q2 FY18 from $223.33 million in Q2 FY17. The segment reported adjusted profit from continuing operations of $12.24 million in Q2 FY18 compared to $7.79 million in the prior year's same quarter. The growth in adjusted operating profit is primarily attributed to strong volumes and increases in both ferrous and non-ferrous prices during the quarter.
The Americas Mills segment's net sales increased in Q2 FY18 to $425.89 million from $376.59 million in Q2 FY17. Furthermore, the segment's adjusted operating profit from continuing operations for Q2 FY18 was $31.54 million, lower than the $51.32 million recorded in Q2 FY17.
Americas Fabrication segments' net sales increased in the reported period to $312.97 million from $303.83 million in Q2 FY17. Moreover, the segment posted operating profit from continuing operations of $27.12 million in Q2 FY18 compared to operating profit from continuing operations of $0.51 million in the year ago corresponding quarter.
International Mill segment increased to $211.77 million in Q2 FY18 from $134.65 million in Q2 FY17. The segment's adjusted operating profit from continuing operations surged to $24.49 million in Q2 FY18 from $9.48 million in the last year's corresponding quarter, due to increased demand, selling prices and significant improvement in margins.
Cash Matters and Balance Sheet
In six-months ended February 28, 2018, the Company generated $48.79 million of cash from its operating activities compared to net cash flows from operating activities of $11.98 million in the last year's comparable period. The Company had cash and cash equivalents balance of $195.18 million on February 28, 2018, which came in below the $252.60 million as on close of books on August 31, 2017. The Company ended the quarter with long-term debt of $799.83 million compared to $805.58 million as on August 31, 2017.
Stock Performance Snapshot
April 24, 2018 - At Tuesday's closing bell, Commercial Metals' stock was marginally down 0.09%, ending the trading session at $21.42.
Volume traded for the day: 1.04 million shares.
Stock performance in the last month–up 5.05%; past twelve-month period –up 12.68%; and year-to-date–up 0.47%
After yesterday's close, Commercial Metals' market cap was at $2.54 billion.
Price to Earnings (P/E) ratio was at 53.42.
The stock has a dividend yield of 2.24%.
The stock is part of the Basic Materials sector, categorized under the Steel & Iron industry.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.