Commercial Metals Expects Q4 Results Remain Strong

(RTTNews) - Commercial Metals Co. (CMC) said it expect the results of its fiscal fourth quarter to remain strong, consistent with the results of its fiscal third quarter.

The company noted that its key market indicators continue to point toward strong demand in the U.S. construction markets. Non-residential construction spending, which is its primary end use market in the U.S., was up 5% year over year in April 2016. The Architecture Billings Index (ABI) remained above 50 for 24 of the 27 months ended May 2016, which has historically been a leading indicator of improved non-residential construction.

The company expects to begin realizing productivity and cost improvements in the fourth quarter of fiscal 2016 from key capital projects.

The company expects to finish fiscal 2016 well positioned to continue the positive momentum into fiscal 2017.

On June 22, 2016, the board of directors of CMC declared a quarterly dividend of $0.12 per share for shareholders of record on July 7, 2016. The dividend will be paid on July 21, 2016.