CMC - Commercial Metals Non-GAAP EPS of $2.24 beats by $0.28 revenue of $2.23B beats by $30M
- Commercial Metals press release ( NYSE: CMC ): Q1 Non-GAAP EPS of $2.24 beats by $0.28 .
- Revenue of $2.23B (+12.6% Y/Y) beats by $30M .
- Core EBITDA of $425.0 million increased 30% from the prior year period
- Continued year-over-year growth in North America downstream backlog and project bidding volumes
- Historically strong Europe segment profitability benefiting from favorable cost structure driving market share gains
- Good progress on strategic growth initiatives; Arizona 2 project on target for spring 2023 start-up, announced fourth micro mill location in West Virginia
- "Looking ahead, we anticipate good financial results in the second quarter compared to historical standards. Finished steel volumes in North America and Europe are expected to follow typical seasonal patterns, which have historically declined from our first quarter levels due to weather conditions and holidays. Additionally, volumes in Europe may be impacted by economic uncertainty. While we anticipate margins over scrap in both North America and Europe to remain elevated in relation to historical levels, we expect they will compress from first quarter levels."
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Commercial Metals Non-GAAP EPS of $2.24 beats by $0.28, revenue of $2.23B beats by $30M