CMC - Commercial Metals quarterly earnings surge on strong demand

Commercial Metals (NYSE:CMC) +0.8% in early Thursday trading after reporting Q3 adjusted earnings and revenues that easily beat analyst estimates, reflecting strong demand for finished steel products, with record bid activity and backlog levels in its North American downstream pipeline. Q3 net income jumped to $312.4M from $130.4M in the year-earlier quarter, as sales surged 36% Y/Y to $2.52B; core EBITDA more than doubled Y/Y to $483.9M. Commercial Metals (CMC) said Q3 saw record margins on the sales of steel products and raw materials, and margins on scrap increased due to strong demand and constrained supply following trade sanctions against Russia and Belarus. "Robust demand for each of CMC's major product lines is expected to persist, augmented by our growing downstream backlog and solid levels of new work entering the project pipeline," Chairman, President and CEO Barbara Smith said. Commercial Metals' (CMC) price return shows 3% YTD growth and a 20%

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Commercial Metals quarterly earnings surge on strong demand