Welcome to our dedicated page for Commercial Metals Co news (Ticker: CMC), a resource for investors and traders seeking the latest updates and insights on Commercial Metals Co stock.
Commercial Metals Company (CMC) provides steel products and recycling solutions for global construction markets. This page aggregates official CMC news and press releases, offering stakeholders a centralized resource for tracking corporate developments.
Access timely updates on earnings reports, strategic initiatives, and sustainability efforts, including innovations like micro mill expansions. The curated collection spans operational milestones, regulatory compliance updates, and market positioning changes.
Key content categories include financial performance disclosures, acquisition announcements, and progress reports on the TAG efficiency program. Bookmark this page for streamlined access to CMC's evolving role in sustainable steel production and infrastructure development.
Commercial Metals Company (NYSE: CMC) announced significant leadership changes. Barbara R. Smith will retire as Executive Chairman and from the Board on August 31, 2024. Robert S. Wetherbee, an independent director since March 2023, will become Chairman on September 1, 2024. Sarah E. Raiss will step down as Lead Director but remain on the Board. Vicki L. Avril-Groves will retire from the Board on August 31, 2024.
The company appointed Tandra Perkins to the Board, effective September 1, 2024. Perkins, currently Senior VP and Chief Digital and Administrative Officer at Phillips 66, brings nearly 30 years of multi-industry experience. The Board will decrease from ten to nine directors. These changes mark a significant transition in CMC's leadership structure.
Commercial Metals Company (NYSE: CMC) reported its fiscal third quarter results for the period ending May 31, 2024. Net earnings were $119.4 million, or $1.02 per diluted share, on net sales of $2.1 billion. This is a decrease from the prior year's net earnings of $234.0 million, or $1.98 per diluted share, on net sales of $2.3 billion.
Core EBITDA was $256.1 million with a margin of 12.3%. North American operations maintained stable shipment volumes and product margins, supported by solid seasonal demand and strong market fundamentals. The Emerging Businesses Group saw a sharp rebound in adjusted EBITDA and margins due to high demand for construction solutions. Europe Steel Group neared breakeven, continuing its improving performance trend.
CMC's balance sheet remained robust with cash and equivalents of $698.3 million and available liquidity of nearly $1.5 billion. The company's board declared a quarterly dividend of $0.18 per share, marking a 13% year-over-year increase. Looking ahead, CMC anticipates stable financial performance and continued demand growth in North America and Europe.
On June 19, 2024, Commercial Metals Company (NYSE: CMC) announced its 239th consecutive quarterly cash dividend of $0.18 per share. The dividend will be paid on July 10, 2024, to shareholders of record by the close of business on July 1, 2024. CMC, known for its innovative solutions in the construction sector, operates an extensive manufacturing network in the U.S. and Central Europe, providing products that meet the reinforcement needs of various construction applications, including infrastructure, residential, and energy projects.
Commercial Metals Company (NYSE: CMC) has been recognized on USA TODAY's America's Best Climate Leaders 2024 list. This award, announced on May 30, 2024, by USA TODAY and Statista Inc., honors U.S. companies with significant year-over-year reductions in emissions intensity. CMC's President and CEO, Peter R. Matt, highlighted the company's longstanding commitment to sustainability and environmentally friendly steelmaking. The firm's sustainability report can be accessed for more details on their environmental efforts.
Commercial Metals Company (NYSE: CMC) announced a live webcast of its third-quarter fiscal 2024 earnings release, scheduled for June 20, 2024, at 11:00 a.m. Eastern Time. The call will feature President and CEO Peter Matt, along with Senior Vice President & CFO Paul Lawrence. Interested parties can access the webcast via CMC's website.
CMC is a global provider of innovative construction and infrastructure solutions, with manufacturing operations in the U.S. and Central Europe. The company supports a wide range of construction applications including infrastructure, non-residential, residential, industrial, and energy sectors.
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