Commercial Metals misses Q3 revenue estimates
Overview
Commercial Metals misses analyst expectations for Q3 fiscal revenue , per LSEG data
Adjusted EPS for fiscal Q3 misses consensus
Company repurchased 1.1 mln shares valued at $50.4 mln
Outlook
Commercial Metals expects Q4 financial results to improve sequentially.
Company anticipates higher steel product margins over scrap in Q4.
Europe Steel Group to receive $28 mln CO2 credit in Q4.
Emerging Businesses Group financial results expected to improve year-over-year.
Result Drivers
STEEL PRODUCT MARGINS - North American steel product margins increased, exiting the quarter above average, per CEO Peter Matt
EMERGING BUSINESS PROFITABILITY - Profitability improved sequentially and year-over-year, driven by demand for proprietary products
TAG PROGRAM - Exceeding targeted EBITDA benefits, contributing to financial results
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $2 bln | $2.04 bln (8 Analysts) |
Q3 Adjusted EPS | Miss | $0.74 | $0.85 (9 Analysts) |
Q3 EPS |
| $0.73 |
|
Q3 Adjusted Net Income | Miss | $84.40 mln | $92 mln (3 Analysts) |
Q3 Net Income |
| $83.10 mln |
|
Q3 Adjusted EBITDA | Miss | $204.10 mln | $218.50 mln (8 Analysts) |
Q3 Core EBITDA Margin |
| 10.1% |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the iron & steel peer group is "buy"
Wall Street's median 12-month price target for Commercial Metals Co is $52.50, about 7.3% above its last closing price of $48.68
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago
Press Release: ID:nPn2Hv1wCa
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