CMC - Why Commercial Metals Stock Is Falling Today | Benzinga
Commercial Metals Company (NYSE: CMC) reported fourth-quarter FY23 sales of $2.209 billion, which beat the consensus of $2.180 billion.
Revenues fell 8.2% Y/Y. Sales slumped as lower new contract awards drove a modest year-over-year reduction in the volume and value of CMC's downstream backlog.
Demand from industrial end markets, which is important for merchant products, was mixed, with certain applications experiencing slower activity compared to past quarters.
Adjusted EPS of $1.69 missed the consensus of $1.81.
The average selling price for steel products decreased $172 per ton compared to the fourth quarter of fiscal 2022, while the ...