The Q4 core EBITDA of $419 million surged higher by 64% year-on-year and was the second highest in the history of the company.
SEATTLE (Scrap Monster): Irving, Texas-headquartered Commercial Metals Company (CMC) announced results for Q4 ended 31st August of fiscal 2022.
The company recorded net earnings of $288.6 million or $2.40 per diluted share during the quarter. This compares to net earnings of $152.3 million or $1.24 per diluted share during the same quarter a year before. The net sales surged higher from $2 billion to $2.4 million over the year.
The Q4 core EBITDA of $419 million surged higher by 64% year-on-year and was the second highest in the history of the company. The core EBITDA per ton of finished steel was up by $113 from a year ago, mainly driven by operational excellence and favourable market conditions, which helped to offset the impacts of inflationary pressure.
CMC ended the quarter with cash and cash equivalent balance of $672.6 million. The available liquidity as on 31st August, 2022 stood at over $1.3 billion. The board of directors declared quarterly dividend of $0.16 per share, which will be paid to stockholders on 10th November, 2022.
Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, CMC noted that the most recent strategic initiatives by the company will drive the next phase of its value accretive growth. The flexibility and low-cost operating structure of its Polish operation will help it to navigate the challenges in Europe, Smith added.
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