Commercial Metals: Fiscal 1Q Earnings Snapshot
IRVING, Texas (AP) _ Commercial Metals Co. (CMC) on Monday reported fiscal first-quarter earnings of $19.7 million.
The Irving, Texas-based company said it had net income of 17 cents per share. Earnings, adjusted for one-time gains and costs, were 35 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The manufacturer and recycler of steel and metal products posted revenue of $1.28 billion in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $1.27 billion.
Commercial Metals shares have increased 6.5 percent since the beginning of the year. The stock has fallen 31 percent in the last 12 months.