Commercial Metals Posts Lower Q1 Profit - Quick Facts

(RTTNews) - Steel and metal products maker Commercial Metals Co.'s (CMC) first-quarter net earnings attributable to the company slid to $45.92 million, or $0.39 per share, from last year's $49.72 million, or $0.42 per share. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.24 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked total net sales of $1.68 billion in the quarter, versus $1.75 billion reported in the prior-year period, whereas five analysts estimated revenues of $1.74 billion.

The company said the latest quarter's results included an after-tax gain of $15.5 million associated with the sale of the firm's copper tube manufacturing operation, Howell Metal Co.; while results for the first quarter of fiscal 2013 comprised an after-tax gain of $17.0 million associated with the sale of the company's 11% ownership investment in Trinecke Zelezarny, a.s., a Czech Republic joint-stock company.

On January 6, 2014, CMC's board declared a quarterly dividend of $0.12 per share for shareholders of record on January 21, 2014, payable on February 4, 2014.