CMC - Why Commercial Metals Shares Are Trading Higher Today | Benzinga
Commercial Metals Co (NYSE: CMC) reported Q1 FY24 sales of $2.00 billion, which beat the consensus of $1.89 billion.
The average selling price for steel products decreased $128 per ton compared to Q1 FY23, while the cost of scrap utilized declined $18 per ton, resulting in a year-over-year decrease in steel products margin over scrap of $146 per ton.
Finished steel volumes increased by 1.1% Y/Y on continued healthy demand for North America Steel Group.
Core EBITDA decreased to $325.3 million from $425.0 million a year ago.
In Q1, the company recorded a net after-tax charge of $16.4 million related to commissioning efforts at the Arizona 2 micro mill.
Adjusted ...