CMC - Commercial Metals Beats Q2 Expectations Despite Sales Dip Gears Up For Solid Construction Season | Benzinga
Commercial Metals Company (NYSE:CMC) reported second-quarter fiscal 2024 net sales decline of 8.4% year-over-year to $1.85 billion, beating the consensus of $1.80 billion.
Downstream contract awards surged to their highest level in almost two years in the quarter, indicating a robust pipeline poised for the forthcoming construction season.
The company reported that its North America and Europe Steel Groups made significant improvements in reducing controllable costs per ton of finished steel shipped year-over-year, positively impacting financial performance.
Adjusted EPS was $0.88, down from $1.44 a year ago, beating the consensus of $0.75.
The average selling price for steel products decreased to $905 per ton compared to $985 a year ago.
North America Steel Group’s cost of scrap utilized increased by ...