CMC - Why Commercial Metals Stock Is Down Big Today
2023-10-12 13:58:47 ET
Quarterly results for Commercial Metals (NYSE: CMC) fell short of expectations, and the company warned of further declines ahead. Investors are heading for the exits, sending shares of the steelmaker down more than 10% as of 1:32 p.m. ET on Monday.
Commercial Metals is a metal fabricator and recycler. The company said that demand for finished steel products remained healthy in its fiscal fourth quarter, ending Aug. 31, but fewer new contracts hurt volumes and backlog.
The company reported adjusted earnings of $1.69 per share in the quarter, falling short of the $1.81 consensus estimate. Revenue of $2.21 billion beat analysts' expectations for $2.18 billion.
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Why Commercial Metals Stock Is Down Big Today