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NEW YORK - On Monday, Commercial Metals Company (NYSE:CMC) reported third quarter earnings that missed analyst estimates, while revenue came in slightly below expectations. The steel and metal products manufacturer saw profits decline compared to the prior year period.
Commercial Metals shares were unchanged in pre-market trading following the earnings release.
Commercial Metals posted adjusted earnings of $0.74 per share for the quarter ended May 31, falling short of the $0.84 per share analysts were expecting. Revenue totaled $2.02 billion, just under the $2.05 billion consensus estimate.
Net income for the quarter was $83.1 million, down from $119.4 million in the same period last year. The company said steel product metal margins in North America inflected upward during the quarter, exiting at a rate above the $499 per ton average for the period.
"We achieved sequential improvement in our financial performance driven by better market conditions across each of our segments, including a meaningful tailwind from the upward inflection of steel product metal margins within the North America Steel Group," said CEO Peter Matt.
Commercial Metals’ Emerging Businesses Group saw profitability improve both sequentially and YoY, with adjusted EBITDA margin increasing to 20.7%. The Europe Steel Group exceeded breakeven on improved market fundamentals.
The company said its Transform, Advance, Grow program is exceeding targeted EBITDA benefits, with initiatives expected to deliver an annual run-rate above $100 million.
The stock has gained about 5% year-to-date.
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