Commercial Metals Co - CMC STOCK NEWS

Commercial Metals Company (CMC) announced its fiscal fourth quarter and annual results for 2020, reporting earnings from continuing operations of $67.8 million, or $0.56 per diluted share, down from $85.9 million, or $0.72 per diluted share, in the previous year. Full-year earnings increased to $278.3 million, or $2.31 per diluted share. Net after-tax charges for the quarter were $27.5 million. The company declared a quarterly dividend of $0.12 per share. Adjusted EBITDA for North America reached $174.2 million, while Europe reported $22.9 million, boosted by carbon credits. CMC anticipates seasonal trends affecting future volumes.

Commercial Metals Company (NYSE: CMC) has declared a quarterly cash dividend of $0.12 per share, marking its 224th consecutive quarterly dividend. This dividend will be payable to stockholders of record as of October 29, 2020, with payment set for November 13, 2020. CMC operates a network of facilities, including electric arc furnace mini mills and metal recycling plants in the U.S. and Poland, focusing on the manufacture and recycling of steel and metal products.

Commercial Metals Company (NYSE: CMC) announced a realignment of its reporting structure to include two operating segments: North America and Europe, effective from Q4 fiscal 2020. This change reflects the company's vertically integrated model and is designed to enhance performance assessment and resource allocation. The realignment involves combining previously separate segments without affecting consolidated results. CEO Barbara R. Smith emphasized that this structure provides better insight into CMC's value creation. No financial results were altered by this change.

Commercial Metals Company (NYSE: CMC) is set to release its fourth quarter earnings for fiscal 2020 on October 15, 2020. A live conference call will occur at 11:00 a.m. Eastern Time, featuring Barbara Smith, Chairman & CEO, and Paul Lawrence, Vice President & CFO. Investors can access the webcast via the company’s website. Commercial Metals Company operates seven EAF mini mills, two EAF micro mills, and various recycling facilities across the U.S. and Poland, focusing on the manufacture, recycling, and fabrication of steel and metal products.

Commercial Metals Company (NYSE: CMC) announced plans to build its third micro mill in Mesa, Arizona, with an investment of approximately $300 million. This facility will be the first globally to produce merchant bar quality products through a continuous-continuous production process, aiming to meet West Coast demand for rebar and merchant bar. The new micro mill is expected to create approximately 185 jobs and achieve an annual capacity of 500,000 tons, including 150,000 tons of merchant product, while generating nearly $500 million in economic activity.

Commercial Metals Company (NYSE: CMC) announced a virtual Investor Day scheduled for August 13, 2020, starting at 8:30 am ET. CEO Barbara Smith and the leadership team will outline the Company's strategic growth plans. Smith emphasized the significant transformation CMC has undergone to ensure continued growth. Key presenters include high-level executives such as Brad Cottrell and Paul Lawrence. The event will be accessible via webcast on CMC's website and will be archived for later listening.

On July 21, 2020, Commercial Metals Company (NYSE: CMC) announced the acquisition of AZZ's Continuous Galvanized Rebar business, including all assets related to its GalvaBar product. GalvaBar, produced in Tulsa, Oklahoma, features a zinc alloy coating that offers enhanced corrosion protection and formability. This acquisition aligns with CMC's strategy to lead in concrete reinforcement and expand its product offerings. Tracy Porter, COO, stated the acquisition would enhance customer service and leverage CMC's distribution network for broader market reach.

Commercial Metals Company (NYSE: CMC) reported Q3 fiscal 2020 earnings of $64.2 million ($0.53 per diluted share) on net sales of $1.3 billion, down from $78.6 million ($0.66 per share) on $1.6 billion in revenue a year earlier. Adjusted earnings were $70.4 million ($0.59 per share), below last year's $0.67. A $6.2 million charge was incurred for facility closures. The company declared a quarterly dividend of $0.12 per share. Despite challenges from COVID-19, CMC achieved sequential earnings growth and maintained a strong liquidity position with $462.1 million in cash and equivalents.

On June 16, 2020, Commercial Metals Company (NYSE: CMC) announced a quarterly cash dividend of $0.12 per share, reflecting its 223rd consecutive quarterly dividend. The dividend is payable to stockholders of record by July 6, 2020, with payment scheduled for July 20, 2020. This decision highlights CMC's commitment to returning value to its shareholders. The company operates numerous facilities, including electric arc furnace mini mills and recycling plants across the United States and Poland.