Welcome to our dedicated page for Commercial Metals news (Ticker: CMC), a resource for investors and traders seeking the latest updates and insights on Commercial Metals stock.
Commercial Metals Company reports news on its steel and construction-solutions operations for infrastructure, non-residential, residential, industrial and energy markets. The company manufactures steel reinforcing bar, merchant bar, steel fence posts and wire rod, and supplies subgrade soil stabilization, foundation enhancement, concrete pipe and precast products through a manufacturing network concentrated in the United States and Central Europe, with additional operations in the United Kingdom, Europe and Asia.
Recurring CMC updates include quarterly earnings, steel product pricing and margin trends, Construction Solutions Group activity, completed precast acquisitions and integration, dividend declarations, board and governance changes, sustainability recognition and trade matters affecting rebar markets.
Tensar Corporation, a leader in geogrid engineered solutions, has entered into a definitive agreement to be acquired by Commercial Metals Company (NYSE: CMC). This acquisition aligns with CMC's strategy to enhance its position in the civil construction market, leveraging innovative manufacturing and sustainability practices. Tensar's 650 employees will join CMC, further bolstering their workforce. Regulatory approvals are pending, with the closing expected soon. This acquisition is anticipated to create a formidable platform for growth in engineered construction products.
Commercial Metals Company (NYSE: CMC) has announced a definitive agreement to acquire TAC Acquisition Corp. (Tensar) for $550 million. The transaction is aimed at enhancing CMC's leadership in construction reinforcement, leveraging Tensar's engineered solutions for subgrade reinforcement and soil stabilization. The deal, valued at 8.4x Tensar's expected 2021 EBITDA, includes anticipated cost synergies of approximately $5 million. The acquisition is expected to support CMC's growth strategy and strengthen its market position in the construction sector.
Commercial Metals Company (NYSE: CMC) reported robust financial results for its fiscal fourth quarter ending August 31, 2021. The company earned $152.3 million, or $1.24 per diluted share, on net sales of $2.0 billion, significantly up from $67.8 million and $1.4 billion year-over-year. For the full year, earnings totaled $412.9 million, a notable increase from $278.3 million the previous year. The board announced a 17% dividend increase, reflecting confidence in the company's future. Strong operational performance was highlighted by record shipment levels and significant growth in the North American and European segments.
Commercial Metals Company (NYSE: CMC) has announced a new $350 million stock repurchase program, replacing the previous plan with $27 million remaining. Additionally, the board declared a quarterly cash dividend of $0.14 per share, marking a 17% increase. This dividend will be paid on November 10, 2021, to shareholders of record as of October 27, 2021. CEO Barbara R. Smith emphasized that this reflects a balance between growth investments and shareholder returns.
Commercial Metals Company (NYSE: CMC) has announced an agreement to sell land from its former Steel California and Rebar Etiwanda operations in Rancho Cucamonga for approximately $300 million. The sale aims to partially fund the new Arizona 2 micro mill expected to launch in the second half of fiscal 2023. CMC ceased Steel California operations in December 2020, and Rebar Etiwanda customers will be served from other locations. The transaction is anticipated to close in Q2 of fiscal 2022, pending due diligence and customary conditions.
Commercial Metals Company (NYSE: CMC) will be featured on the September 26 edition of EARTH with John Holden, which airs on Fox Business Network, Bloomberg TV, and BNN Bloomberg Canada. The segment highlights CMC's commitment to sustainability in steelmaking, showcasing their facility in Mesa, Arizona, known for its 87% lower energy intensity and 66% reduced greenhouse gas emissions compared to global averages. CEO Barbara Smith expressed pride in representing eco-friendly American Electric Arc Furnace steelmakers.
Commercial Metals Company (NYSE: CMC) will host a conference call on October 14, 2021, at 11:00 a.m. Eastern Time to discuss its fourth quarter earnings for fiscal 2021. The call will feature Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Vice President & CFO. Investors can access the live webcast via the company's website.
Commercial Metals operates seven electric arc furnace mini mills, micro mills, and recycling facilities across the U.S. and Poland, manufacturing and fabricating steel and metal products.
Commercial Metals Company (NYSE: CMC) announced the appointment of Gary E. McCullough to its Board of Directors, effective October 12, 2021. With over 30 years of experience, McCullough has held significant positions in various companies, including CEO of ARI Packaging and President of Career Education Corporation. He is currently on the board of TransDigm Group and will serve on the Compensation and Finance Committees at CMC. His extensive experience is expected to advance CMC's strategic goals amidst a competitive market.
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Commercial Metals Company (CMC) reported strong financial results for the fiscal third quarter ending May 31, 2021, with earnings from continuing operations at $130.4 million, or $1.07 per diluted share, on net sales of $1.8 billion. This marks a significant increase from $64.2 million, or $0.53 per diluted share, on net sales of $1.3 billion in the previous year. The company achieved record adjusted EBITDA in North America of $207.3 million, up 30%, driven by increased demand and operational efficiencies. CMC declared a quarterly dividend of $0.12 per share, reaffirming its financial stability.