CMC
$20.55
Commercial Metals
($.08)
(.39%)
Earnings Details
3rd Quarter May 2020
Thursday, June 18, 2020 6:45:00 AM
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Summary

Commercial Metals Beats

Commercial Metals (CMC) reported 3rd Quarter May 2020 earnings of $0.59 per share on revenue of $1.3 billion. The consensus earnings estimate was $0.28 per share on revenue of $1.3 billion. The Earnings Whisper number was $0.26 per share. Revenue fell 16.5% compared to the same quarter a year ago.

Commercial Metals Co recycles, manufactures, fabricates and distributes steel and metal products and related materials and services through a network of locations throughout the United States and internationally.

Results
Reported Earnings
$0.59
Earnings Whisper
$0.26
Consensus Estimate
$0.28
Reported Revenue
$1.34 Bil
Revenue Estimate
$1.26 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Commercial Metals Company Reports Third Quarter Fiscal 2020 Results

IRVING, Texas, June 18, 2020 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal third quarter ended May 31, 2020.  Third quarter earnings from continuing operations were $64.2 million, or $0.53 per diluted share, on net sales of $1.3 billion, compared to prior year period earnings from continuing operations of $78.6 million, or $0.66 per diluted share, on net sales of $1.6 billion.

During the third quarter of fiscal 2020, we incurred a $6.2 million net after-tax charge for facility closure expenses and asset impairments primarily related to the curtailment of a west coast fabrication facility.  This decision was made in accordance with our ongoing network optimization efforts and is expected to provide cost benefits in future periods.  Excluding these expenses, adjusted earnings from continuing operations for the three months ended May 31, 2020 were $70.4 million, or $0.59 per diluted share, as detailed in the non-GAAP reconciliation on page 12. This compares to adjusted earnings from continuing operations of $0.67 per diluted share for the three months ended May 31, 2019.

Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, commented, "While the effects of the COVID-19 crisis impacted our business throughout the third quarter, CMC acted early and swiftly to ensure the safety of our employees, the continuity of our operations, and the uninterrupted service to our customers.  Our entire organization can be proud of these efforts and their results.  We were able to keep our workforce fully employed and safe.  We also avoided any meaningful disruptions to operations and experienced no loss of productivity, while closely following CDC guidelines at all of our locations."

Ms. Smith continued, "In the face of unprecedented global uncertainty, we concentrated our focus on the elements of our business within our direct control.  Because of these efforts, CMC achieved sequential earnings growth while increasing our market share in many products, continuing to reduce our operating costs, and further strengthening our balance sheet.  Our success during the quarter underscores several of CMC's best qualities – a robust business model, focus on providing best-in-class customer service, and commitment to our employees."

The Company's liquidity position as of May 31, 2020 strengthened further, with cash and cash equivalents of $462.1 million and availability under the Company's credit and accounts receivable facilities of $604.2 million.

On June 16, 2020, the board of directors of CMC declared a quarterly dividend of $0.12 per share of CMC common stock payable to stockholders of record on July 6, 2020.  The dividend will be paid on July 20, 2020, and marks 223 consecutive quarterly dividend payments.

Business Segments - Fiscal Third Quarter 2020 Review

Our Americas Recycling segment recorded an adjusted EBITDA loss of $1.7 million for the third quarter of fiscal 2020, compared to adjusted EBITDA of $12.3 million for the prior year quarter.  The reduction reflected a challenging environment of lower shipments and decreasing average selling prices.  Volumes were impacted by sharply reduced demand from third party mill customers. Inflows of material to our yards were slowed by broadly weak manufacturing activity, and low prices that disincentivized collection of obsolete scrap. Compared to the year ago period, ferrous shipping volumes and selling prices were down 21% and 15%, respectively.

Our Americas Mills segment recorded adjusted EBITDA of $133.2 million for the third quarter of fiscal 2020, a decrease of 16% compared to adjusted EBITDA of $158.1 million for the third quarter of fiscal 2019.  Despite the impact of COVID-19 on the U.S. economy, volumes declined only 4% compared to the prior year period due to continued strength in construction activity.  Metal margins contracted by $19 per ton year-over-year, as a reduction in average selling price of $64 per ton was only partially offset by lower scrap costs.  Results in the third quarter of fiscal 2020 benefited from our best conversion cost performance since our November 2018 rebar asset acquisition.  Conversion costs per ton were 7% below the post-acquisition average.

Our Americas Fabrication segment recorded adjusted EBITDA of $31.9 million for the third quarter of fiscal 2020, marking a significant improvement from an adjusted EBITDA loss of $23.3 million for the third quarter of fiscal 2019, primarily due to expanded selling price margins over rebar cost.  The third quarter of fiscal 2020 marks the segment's best quarterly profit performance in nearly 12 years, and highlights the beneficial impact of the fixed price contract backlog of our fabrication business during a period of economic slowdown.  As in prior quarters, third quarter adjusted EBITDA did not include the benefit of the purchase accounting adjustment related to amortization of the acquired unfavorable contract backlog reserve of $4.4 million.  The trend of year-over-year increases in selling price continued during the quarter, as we shipped at an average price of $966 per ton.  This represented a significant rise of $41 per ton, or 4%, compared to the prior year period.  Backlog remains very strong in relation to both quantity and pricing.

Our International Mill segment in Poland recorded adjusted EBITDA of $14.3 million for the third quarter of fiscal 2020, compared to adjusted EBITDA of $24.1 million for the prior year quarter.  Metal margins were impacted by continued import pressure.  Despite market challenges caused by COVID-19, shipment volumes decreased only 1% on a year-over-year basis, driven by resilience in the Polish construction sector and market share gains in merchant products.

Outlook

"We expect construction and infrastructure activity to remain resilient during our fiscal fourth quarter," said Ms. Smith. "Our finished product volumes are supported by strong fabrication backlogs, which stood near record-high levels at May 31.  Customers' sentiment about their own summer construction workloads is also encouraging. CMC's net debt-to-EBITDA ratio of 1.2x and substantial cash and equivalents on hand give us great confidence in our ability to withstand these challenging times, and provide us with significant flexibility in our capital allocation decisions."

Conference Call

CMC invites you to listen to a live broadcast of its third quarter fiscal 2020 conference call today, Thursday, June 18, 2020, at 11:00 a.m. ETBarbara Smith, Chairman of the Board of Directors, President, and Chief Executive Officer, and Paul Lawrence, Vice President and Chief Financial Officer, will host the call.  The call is accessible via our website at www.cmc.com.  In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day.  Financial and statistical information presented in the broadcast are located on CMC's website under "Investors".

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, two rerolling mills, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the U.S. and Poland.

Forward-Looking Statements

This news release contains or incorporates by reference a number of "forward-looking statements" within the meaning of the federal securities laws with respect to general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies provided by our recent acquisitions, demand for our products, steel margins, the effect of the coronavirus ("COVID-19") and related governmental and economic responses thereto, the ability to operate our mills at full capacity, future supplies of raw materials and energy for our operations, share repurchases, legal proceedings, the undistributed earnings of our non-U.S. subsidiaries, U.S. non-residential construction activity, international trade, capital expenditures, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations and our expectations or beliefs concerning future events. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements.

Our forward-looking statements are based on management's expectations and beliefs as of the time this news release is filed with the Securities and Exchange Commission or, with respect to any document incorporated by reference, as of the time such document was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in Part I, Item 1A, Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended August 31, 2019 and in Part II, Item 1A, Risk Factors of our subsequent Quarterly Reports on Form 10-Q as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of our fabrication contracts due to rising commodity pricing; impacts from COVID-19 on the economy, demand for our products or our operations, including the responses of governmental authorities to contain COVID-19; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; compliance with and changes in environmental laws and regulations, including increased regulation associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; potential limitations in our or our customers' abilities to access credit and non-compliance by our customers with our contracts; activity in repurchasing shares of our common stock under our repurchase program; financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate, and integrate acquisitions and the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; impact of goodwill impairment charges; impact of long-lived asset impairment charges; currency fluctuations; global factors, including trade measures, political uncertainties and military conflicts; availability and pricing of electricity, electrodes and natural gas for mill operations; ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks; risk of injury or death to employees, customers or other visitors to our operations; civil unrest, protests and riots; new and clarifying guidance with regard to interpretation of certain provisions of the Tax Cuts and Jobs Act that could impact our assessment; and increased costs related to health care reform legislation.

COMMERCIAL METALS COMPANY

FINANCIAL & OPERATING STATISTICS (UNAUDITED)



Three Months Ended


Nine Months Ended

(in thousands, except per ton amounts)


5/31/2020


2/29/2020


11/30/2019


8/31/2019


5/31/2019


5/31/2020


5/31/2019

 Americas Recycling















Net sales


$

203,155



248,084



222,261



268,447



289,015



673,500



878,099


Adjusted EBITDA


$

(1,664)



5,754



3,417



4,235



12,331



7,507



37,889


Tons shipped (in thousands)















 Ferrous


472



519



492



559



597



1,483



1,746


 Nonferrous


47



58



57



61



60



162



182


 Total tons shipped


519



577



549



620



657



1,645



1,928


Average selling price (per ton)















 Ferrous


$

215



226



182



217



252



208



263


 Nonferrous


$

1,748



2,044



1,983



1,998



2,047



1,937



2,009

















 Americas Mills















Net sales


$

740,812



732,040



768,893



824,809



866,903



2,241,745



2,243,465


Adjusted EBITDA


$

133,174



125,691



155,025



160,832



158,114



413,890



384,383


Tons shipped















     Rebar


884



830



881



897



913



2,595



2,216


     Merchant & Other


298



317



325



319



323



940



962


Total tons shipped


1,182



1,147



1,206



1,216



1,236



3,535



3,178


Average price (per ton)















Total selling price


$

606



606



611



645



670



604



674


Cost of ferrous scrap utilized


$

239



256



226



246



284



238



297


Metal margin


$

367



350



385



399



386



366



377

















 Americas Fabrication















Net sales


$

569,248



511,748



571,847



622,385



633,047



1,652,843



1,600,994


Adjusted EBITDA


$

31,896



16,060



17,481



(13,151)



(23,289)



65,437



(109,863)


Tons shipped (in thousands)


427



366



413



448



469



1,206



1,184


Total selling price (per ton)


$

966



984



976



963



925



976



886

















 International Mill















Net sales


$

173,817



180,079



165,389



205,461



209,365



519,285



611,587


Adjusted EBITDA


$

14,270



13,451



11,359



22,666



24,120



39,080



77,436


Tons shipped















Rebar


122



145



122



151



126



389



272


Merchant & Other


252



235



216



237



250



703



800


Total tons shipped


374



380



338



388



376



1,092



1,072


Average price (per ton)















Total selling price


$

437



449



461



500



524



449



539


Cost of ferrous scrap utilized


$

239



251



244



265



288



245



295


Metal margin


$

198



198



217



235



236



204



244


 

COMMERCIAL METALS COMPANY

BUSINESS SEGMENTS (UNAUDITED)

(in thousands)


Three Months Ended


Nine Months Ended

Net sales


5/31/2020


2/29/2020


11/30/2019


8/31/2019


5/31/2019


5/31/2020


5/31/2019

 Americas Recycling


$

203,155



$

248,084



$

222,261



$

268,447



$

289,015



$

673,500



$

878,099


 Americas Mills


740,812



732,040



768,893



824,809



866,903



2,241,745



2,243,465


 Americas Fabrication


569,248



511,748



571,847



622,385



633,047



1,652,843



1,600,994


 International Mill


173,817



180,079



165,389



205,461



209,365



519,285



611,587


 Corporate and Other


(345,349)



(330,988)



(343,682)



(378,097)



(392,458)



(1,020,019)



(1,048,148)


Total Net Sales


$

1,341,683



$

1,340,963



$

1,384,708



$

1,543,005



$

1,605,872



$

4,067,354



$

4,285,997

















Adjusted EBITDA from continuing operations















 Americas Recycling


$

(1,664)



$

5,754



$

3,417



$

4,235



$

12,331



$

7,507



$

37,889


 Americas Mills


133,174



125,691



155,025



160,832



158,114



413,890



384,383


 Americas Fabrication


31,896



16,060



17,481



(13,151)



(23,289)



65,437



(109,863)


 International Mill


14,270



13,451



11,359



22,666



24,120



39,080



77,436


 Corporate and Other


(30,894)



(23,235)



(27,477)



(29,337)



(27,305)



(81,606)



(111,005)


 

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)



Three Months Ended May 31,


Nine Months Ended May 31,

(in thousands, except share data)


2020


2019


2020


2019

Net sales


$

1,341,683



$

1,605,872



$

4,067,354



$

4,285,997


Costs and expenses:









Cost of goods sold


1,116,353



1,364,242



3,385,963



3,735,168


Selling, general and administrative expenses


115,965



115,446



342,502



331,389


Interest expense


15,409



18,513



47,875



53,671


Asset impairments


5,983



15



6,513



15




1,253,710



1,498,216



3,782,853



4,120,243











Earnings from continuing operations before income taxes


87,973



107,656



284,501



165,754


Income taxes


23,804



29,105



73,981



52,855


Earnings from continuing operations


64,169



78,551



210,520



112,899











Earnings (loss) from discontinued operations before income taxes


745



(190)



1,941



(808)


Income taxes (benefit)


180



(29)



581



109


Earnings (loss) from discontinued operations


565



(161)



1,360



(917)











Net earnings


$

64,734



$

78,390



$

211,880



$

111,982











Basic earnings per share*









Earnings from continuing operations


$

0.54



$

0.67



$

1.77



$

0.96


Earnings (loss) from discontinued operations






0.01



(0.01)


Net earnings


$

0.54



$

0.66



$

1.78



$

0.95











Diluted earnings per share*









Earnings from continuing operations


$

0.53



$

0.66



$

1.75



$

0.95


Earnings (loss) from discontinued operations






0.01



(0.01)


Net earnings


$

0.54



$

0.66



$

1.76



$

0.94











Average basic shares outstanding


119,192,962



118,045,362



118,828,870



117,762,945


Average diluted shares outstanding


120,278,741



119,145,566



120,277,737



119,013,014



*Earnings Per Share ("EPS") is calculated independently for each component and may not sum to Net EPS due to rounding

 

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share data)


May 31, 2020


August 31, 2019

Assets





Current assets:





Cash and cash equivalents


$

462,110



$

192,461


Accounts receivable (less allowance for doubtful accounts of $8,661 and $8,403)


880,602



1,016,088


Inventories, net


644,887



692,368


Other current assets


157,390



179,088


Total current assets


2,144,989



2,080,005


Property, plant and equipment, net


1,513,469



1,500,971


Goodwill


64,126



64,138


Other noncurrent assets


232,303



113,657


Total assets


$

3,954,887



$

3,758,771


Liabilities and stockholders' equity





Current liabilities:





Accounts payable


$

230,280



$

288,005


Accrued expenses and other payables


363,066



353,786


Acquired unfavorable contract backlog


16,726



35,360


Current maturities of long-term debt and short-term borrowings


17,271



17,439


Total current liabilities


627,343



694,590


Deferred income taxes


129,571



79,290


Other noncurrent liabilities


243,511



133,620


Long-term debt


1,153,800



1,227,214


Total liabilities


2,154,225



2,134,714


Stockholders' equity


1,800,450



1,623,861


Stockholders' equity attributable to noncontrolling interests


212



196


Total stockholders' equity


1,800,662



1,624,057


Total liabilities and stockholders' equity


$

3,954,887



$

3,758,771


 

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)



Nine Months Ended May 31,

(in thousands)


2020


2019

Cash flows from (used by) operating activities:





Net earnings


$

211,880



$

111,982


Adjustments to reconcile net earnings to cash flows from (used by) operating activities:





Depreciation and amortization


124,104



117,617


Deferred income taxes and other long-term taxes


47,761



36,367


Stock-based compensation


21,975



17,350


Amortization of acquired unfavorable contract backlog


(18,676)



(58,202)


Asset impairments


6,513



15


Net gain on disposals of subsidiaries, assets and other


(5,476)



(1,334)


Other


1,933



651


Changes in operating assets and liabilities


141,819



(75,422)


Beneficial interest in securitized accounts receivable




(367,521)


Net cash flows from (used by) operating activities


531,833



(218,497)







Cash flows from (used by) investing activities:





Capital expenditures


(134,092)



(91,753)


Proceeds from the sale of property, plant and equipment


14,091



2,503


Acquisitions, net of cash acquired


(9,850)



(700,941)


Proceeds from insurance, sale of discontinued operations and other


974



6,298


Beneficial interest in securitized accounts receivable




367,521


Net cash flows used by investing activities:


(128,877)



(416,372)







Cash flows from (used by) financing activities:





Proceeds from issuance of long-term debt


22,566



180,000


Repayments of long-term debt


(110,470)



(24,138)


Proceeds from accounts receivable programs


171,133



223,143


Repayments under accounts receivable programs


(171,285)



(209,363)


Dividends


(42,768)



(42,387)


Stock issued under incentive and purchase plans, net of forfeitures


(1,921)



(2,364)


Contribution from noncontrolling interests


16



10


Net cash flows from (used by) financing activities


(132,729)



124,901


Effect of exchange rate changes on cash


210



(341)


Increase (decrease) in cash, restricted cash and cash equivalents


270,437



(510,309)


Cash, restricted cash and cash equivalents at beginning of period


193,729



632,615


Cash, restricted cash and cash equivalents at end of period


$

464,166



$

122,306




Supplemental information:


Nine Months Ended May 31,

(in thousands)


2020


2019

Cash and cash equivalents


$

462,110



$

120,315


Restricted cash


2,056



1,991


Total cash, restricted cash and cash equivalents


$

464,166



$

122,306


COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release contains financial measures not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below.

Core EBITDA from Continuing Operations is a non-GAAP financial measure. Core EBITDA from continuing operations is the sum of earnings (loss) from continuing operations before interest expense and income taxes (benefit). It also excludes recurring non-cash charges for depreciation and amortization, asset impairments and non-cash equity compensation. Core EBITDA from continuing operations also excludes certain material facility closure costs, amortization of acquired unfavorable contract backlog, acquisition and integration related costs and other legal fees, and the effect of purchase accounting adjustments on inventory. Core EBITDA from continuing operations should not be considered an alternative to earnings (loss) from continuing operations or net earnings (loss), or as a better measure of liquidity than net cash flows from operating activities, as determined by GAAP. However, we believe that Core EBITDA from continuing operations provides relevant and useful information, which is often used by analysts, creditors and other interested parties in our industry as it allows: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our ongoing core performance; and (iii) the assessment of period-to-period performance trends. Additionally, Core EBITDA from continuing operations is the target benchmark for our annual and long-term cash incentive performance plans for management. Core EBITDA from continuing operations may be inconsistent with similar measures presented by other companies.

A reconciliation of earnings from continuing operations to Core EBITDA from continuing operations is provided below:



Three Months Ended


Nine Months Ended

(in thousands)


5/31/2020


2/29/2020


11/30/2019


8/31/2019


5/31/2019


5/31/2020


5/31/2019

Earnings from continuing operations


$

64,169



$

63,596



$

82,755



$

85,880



$

78,551



$

210,520



$

112,899


Interest expense


15,409



15,888



16,578



17,702



18,513



47,875



53,671


Income taxes


23,804



22,845



27,332



16,826



29,105



73,981



52,855


Depreciation and amortization


41,765



41,389



40,941



41,051



41,181



124,095



117,602


Asset impairments


5,983





530



369



15



6,513



15


Non-cash equity compensation


6,170



7,536



8,269



7,758



7,342



21,975



17,348


Amortization of acquired unfavorable contract backlog


(4,348)



(5,997)



(8,331)



(16,582)



(23,394)



(18,676)



(58,202)


Facility closure


1,863





6,339







8,202




Acquisition and integration related costs and other








6,177



2,336





35,781


Purchase accounting effect on inventory














10,315


Core EBITDA from continuing operations


$

154,815



$

145,257



$

174,413



$

159,181



$

153,649



$

474,485



$

342,284


Adjusted earnings from continuing operations is a non-GAAP financial measure that is equal to earnings (loss) from continuing operations before certain asset impairments, facility closure costs, acquisition and integration related and costs and other legal expenses and effect of purchase accounting adjustments on inventory, including the estimated income tax effects thereof. Additionally, we adjust adjusted earnings from continuing operations for the effects of the Tax Cuts and Jobs Act ("TCJA"). Adjusted earnings from continuing operations should not be considered as an alternative to earnings from continuing operations or any other performance measure derived in accordance with GAAP. However, we believe that adjusted earnings from continuing operations provides relevant and useful information to investors as it allows: (i) a supplemental measure of our ongoing core performance and (ii) the assessment of period-to-period performance trends. Management uses adjusted earnings from continuing operations to evaluate our financial performance. Adjusted earnings from continuing operations may be inconsistent with similar measures presented by other companies. Adjusted earnings from continuing operations per diluted share is defined as adjusted earnings from continuing operations on a diluted per share basis.

A reconciliation of earnings from continuing operations to adjusted earnings from continuing operations is provided below:



Three Months Ended


Nine Months Ended

(in thousands)


5/31/2020


2/29/2020


11/30/2019


8/31/2019


5/31/2019


5/31/2020


5/31/2019

Earnings from continuing operations


$

64,169



$

63,596



$

82,755



$

85,880



$

78,551



$

210,520



$

112,899


Asset impairments


5,983











5,983




Facility closure


1,863





6,339







8,202




Acquisition and integration related costs and other








6,177



2,336





35,781


Purchase accounting effect on inventory














10,315


Total adjustments (pre-tax)


$

7,846



$



$

6,339



$

6,177



$

2,336



$

14,185



$

46,096

















Tax impact















TCJA impact


$



$



$



$



$



$



$

7,550


Related tax effects on adjustments


(1,648)





(1,331)



(1,297)



(490)



(2,979)



(9,680)


Total tax impact


(1,648)





(1,331)



(1,297)



(490)



(2,979)



(2,130)


Adjusted earnings from continuing operations


$

70,367



$

63,596



$

87,763



$

90,760



$

80,397



$

221,726



$

156,865

















Adjusted earnings from continuing operations per diluted share


$

0.59



$

0.53



$

0.73



$

0.76



$

0.67



$

1.84



$

1.32


 

Cision View original content:http://www.prnewswire.com/news-releases/commercial-metals-company-reports-third-quarter-fiscal-2020-results-301079175.html

SOURCE Commercial Metals Company