Commercial Metals' Q3 Profit Doubles, Beats Estimates on Strong Sales and Steel Prices
CMC sits 52% above its 52-week low of $48.14.
Summary
Commercial Metals reported a significant Q3, with profit more than doubling to $173 million, or $1.55 per share. Adjusted earnings of $1.73 per share surpassed analyst estimates of $1.70, while sales climbed 3% to $2.48 billion, also beating projections of $2.4 billion. This strong performance, driven by higher steel prices and recent acquisitions, significantly exceeded the Q3 estimates released last week. The company noted strong booking and backlogs at attractive prices, indicating continued momentum.
At the time of this announcement, CMC was trading at $73.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $7.9B. The 52-week trading range was $48.14 to $84.87. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.