Metal and steel fabricator Commercial Metals Corp. (NYSE: CMC) reported second fiscal quarter earnings this morning, and the company’s EPS came in at $0.25, absolutely smashing the consensus estimate of $0.09. Revenue totaled $2 billion, just above the estimate of $1.98 billion.
The company’s CEO expects good things in the current quarter as well:
Our third quarter is historically our best quarter as the construction season begins with the onset of milder weather. In the third quarter of 2012, we expect scrap prices to remain relatively stable. We are encouraged by the strong backlogs for our domestic operations going into the third quarter and are optimistic about their performance if scrap prices remain stable. Our backlogs for the International Marketing and Distribution segment are at higher levels than last quarter.
Carl Icahn made a failed attempt at a takeover of Commercial Metals late last year.
Shares closed at $14.40 yesterday, and were up nearly 1% in the after-hours market. The stock’s 52-week range is $8.64-$17.84.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
