CMC Reports Fourth Quarter and Full Year Fiscal 2024 Results

In This Article:

  • Fourth quarter net earnings of $103.9 million, or $0.90 per diluted share; annual net earnings of $485.5 million, or $4.14 per diluted share

  • Consolidated core EBITDA of $227.1 million in the fourth quarter; core EBITDA margin of 11.4%

  • Solid construction activity provided stability in North America shipment volumes; margins pressured by decline in average steel pricing

  • Tensar achieved its most profitable quarter to date as a division of CMC, driving the Emerging Businesses Group adjusted EBITDA margin to 21.7% in the fourth quarter

  • Successful cost management actions improved Europe Steel Group fourth quarter adjusted EBITDA by $26.5 million on a year-over-year basis despite materially lower volumes and flat metal margins

  • Strong generation of cash flow from operating activities in the fourth quarter and fiscal year 2024 of $351.8 million and $899.7 million, respectively

  • Cash distributions to shareholders in the form of share repurchases and dividends amounted to $261.8 million in fiscal year 2024, an increase of 48% compared to fiscal year 2023

IRVING, Texas, Oct. 17, 2024 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal fourth quarter ended August 31, 2024. Net earnings were $103.9 million, or $0.90 per diluted share, on net sales of $2.0 billion, compared to prior year period net earnings of $184.2 million, or $1.56 per diluted share, on net sales of $2.2 billion.

www.CMC.com
www.CMC.com

For the full year fiscal 2024, CMC reported net earnings of $485.5 million, or $4.14 per diluted share, on net sales of $7.9 billion compared to prior year net earnings of $859.8 million, or $7.25 per diluted share, on net sales of $8.8 billion.

"Adjusted EBITDA," "core EBITDA," "core EBITDA margin," "adjusted earnings" and "adjusted earnings per diluted share" are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP, can be found in the financial tables that follow.

Peter Matt, President and Chief Executive Officer, said, "Fiscal 2024 was another solid year for CMC with highlights including record employee safety performance for the second consecutive year, our third best financial results in the Company's 109-year history, and meaningful advancement across several key strategic projects.  During the fourth quarter, we felt the impact of increased macroeconomic and political uncertainty. Though strong by historical standards, our financial results were hampered by weaker sentiment that negatively influenced steel product pricing and margins. Certain contemplated construction projects appear to be on hold until greater clarity emerges regarding the future path of interest rates and the outcome of U.S. elections. We believe the underlying near and long-term demand fundamentals remain strong based on customer conversations and continued healthy downstream bid activity underpinned by the structural trends of infrastructure investment, re-shoring of manufacturing, electrification, and the need to address a chronic housing shortage in the U.S."