Commercial Metals Q2 2020 Earnings Report
Key Takeaways
Commercial Metals Company reported a strong second quarter with earnings from continuing operations increasing 326% year-over-year to $63.6 million, or $0.53 per diluted share. Net sales were $1.3 billion, compared to $1.4 billion in the prior year period. The company achieved the second highest adjusted EBITDA margin in its history, supported by robust demand from the U.S. and Polish construction markets.
Gross margin increased 45% year-over-year to $217.9 million.
Americas Mills segment achieved record second quarter shipment levels; International Mill shipments highest for a second quarter in 12 years.
GAAP earnings per diluted share from continuing operations increased to $0.53, compared with $0.13 in the prior year.
Core EBITDA increased 60% year-over-year to $145.3 million.
Commercial Metals
Commercial Metals
Forward Guidance
Given economic uncertainties caused by the COVID-19 outbreak, as well as potential courses of action that local, state, and federal government bodies may take, the company is unable to provide forward guidance at this time. The company remains focused on factors it can control, and are positioning the company for long-term value generation.