Commercial Metals Blasts EPS Estimate (CMC)
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.