Commercial Metals Co Stock Price, News & Analysis

Commercial Metals Company (CMC) reported record earnings of $383.3 million, or $3.12 per diluted share, for the fiscal second quarter ended February 28, 2022, up from $66.2 million, or $0.54 per diluted share, in the prior year. Core EBITDA rose 89% year-over-year to $323.1 million. The company expects robust demand driven by a growing backlog and upcoming projects, including the acquisition of Tensar Corporation. Cash and equivalents increased to $846.6 million. CMC declared a quarterly dividend of $0.14 per share, marking a 17% increase from last year, with expectations for strong performance in the upcoming quarter.

On March 16, 2022, Commercial Metals Company (NYSE: CMC) declared a quarterly cash dividend of $0.14 per share, marking the company's 230th consecutive quarterly dividend. The dividend will be distributed on April 13, 2022, to shareholders on record as of March 30, 2022. CMC operates a network of facilities including seven electric arc furnace mini mills and recycling centers in the United States and Poland, focusing on steel and metal products.

Commercial Metals Company (NYSE: CMC) has successfully closed the sale of Exempt Facilities Revenue Bonds, totaling $145.1 million. The company raised $150.0 million in financing, which will fund the construction of its third micro mill in Mesa, Arizona. The bonds, yielding 3.5%, carry an interest rate of 4.0% and will mature in 2047. CMC is responsible for debt servicing and repayment as per its agreement with the Industrial Development Authority of Maricopa County (MCIDA).

Commercial Metals Company (NYSE: CMC) will host a live conference call on March 17, 2022, at 11:00 a.m. Eastern Time to discuss its second quarter earnings for fiscal 2022. The call will feature Barbara Smith, Chairman, President & CEO, and Paul Lawrence, Senior VP & CFO. Interested parties can listen via webcast on the company's website. Commercial Metals manufactures, recycles, and fabricates steel and metal products through various facilities in the U.S. and Poland.

Commercial Metals Company (CMC) has successfully redeemed all of its outstanding 5.375% Senior Notes due 2027, totaling approximately $314.9 million, including accrued interest of $1.3 million. The redemption was financed through part of the proceeds from a recent offering of $600 million in senior notes. Following this redemption, there are no remaining 2027 Notes outstanding. CMC operates facilities in the U.S. and Poland, focusing on the manufacturing and recycling of steel and metal products.

Commercial Metals Company (CMC) announced the pricing of $145.1 million in Exempt Facilities Revenue Bonds, aiming to raise $150.0 million to finance its second steel micro mill in Mesa, Arizona. The bonds will yield 3.5% and mature in 2047. This financing is not registered under the Securities Act and cannot be sold in the U.S. The press release also highlights CMC's operations in manufacturing, recycling, and fabricating steel products across several locations.

Commercial Metals Company (NYSE: CMC) announced a proposed tax-exempt bond financing of $150.0 million authorized by the Industrial Development Authority of the County of Maricopa. The funds will finance a portion of a new steel micro mill in Mesa, Arizona. The bonds will be issued as special limited obligations, and if completed, will be assigned to a trustee for bondholders. The financing is not registered under the Securities Act and is subject to inherent risks and uncertainties, including economic conditions and commodity pricing impacts.

Commercial Metals Company (NYSE: CMC) announced the successful closing of a $600 million offering of senior notes, consisting of $300 million in 4.125% notes due 2030 and $300 million in 4.375% notes due 2032. Proceeds from this offering will be used to redeem outstanding 5.375% senior notes due 2027 and for general corporate purposes. The redemption will take effect on February 15, 2022.

Bank of America Securities led the underwriting for this offering.

Commercial Metals Company (NYSE: CMC) announced the appointment of John R. McPherson to its Board of Directors, effective March 15, 2022. McPherson brings over 30 years of experience, including roles at Vulcan Materials Company as Chief Financial & Strategy Officer. His strong financial background is expected to aid CMC in advancing its position in the construction materials market. With his addition, the board will consist of 9 members, 8 of whom are independent. McPherson holds a Bachelor of Arts in Economics and an MBA from Stanford University.