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CMC reports Second Quarter Fiscal 2019 Results

Steel News - Published on Fri, 22 Mar 2019

Image Source: Dallas Morning News
Commercial Metals Company has announced financial results for Q2 of FY 2019. For the three months ended February 28, 2019, earnings from continuing operations were USD 14.9 million. Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, said " We continue to be highly confident they will provide the anticipated benefits and generate attractive return typical seasonality and unprecedented rainfall levels in many of our markets, which impacted construction activity resulting in results of our ongoing operations and remain very optimistic about our growth in the second half of fiscal 2019."

Our Americas Recycling segment recorded adjusted EBITDA of $10.1 million for the second quarter of fiscal 2019, company second quarter, reflecting a decreasing ferrous and nonferrous scrap price environment. Despite the recent price volatility, operating cost structure, disciplined buying practices and efficient inventory turnover rates.

Our Americas Mills segment recorded adjusted EBITDA of $112.4 mi lion for the second quarter of fiscal 2019, an increase for the second quarter of fiscal 2018. The current quarter results include a non-cash charge of $10.3 mi lion related to the f acquisition of the four rebar mills from Gerdau S.A.. Excluding this $10.3 mi lion non-cash charge, the second quarter result acquired mills on shipments of 391 thousand tons.

Total mill shipment volumes for the existing operations, excluding the incremental shipments from our new micro mi l in Dura fiscal 2018. While demand from U.S. non-residential and infrastructure construction activity remains strong; during the quar in many markets that far exceeded historical norms, resulting in lower shipment volumes. Metal margins increased by $91 pe combination of higher costs associated with the new facilities, reduced production levels and inflationary pressures on certai approximately 28% per ton as compared to the prior year.

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Posted By : Rabi Wangkhem on Fri, 22 Mar 2019
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