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13:01 Uhr
General Electric (GE) kappt Jahres­prognose drastisch

Commercial Metals Company Reports First Quarter Earnings From Continuing Operations Per Share Of $0.06

Montag, 09.01.2017 12:40 von

PR Newswire

IRVING, Texas, Jan. 9, 2017 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced financial results for its first quarter ended November 30, 2016. Earnings from continuing operations for the first quarter of fiscal 2017 were $7.2 million ($0.06 per diluted share) on net sales of $1.1 billion. This compares to earnings from continuing operations of $25.6 million ($0.22 per diluted share) on net sales of $1.2 billion for the first quarter of fiscal 2016. Net earnings attributable to CMC for the three months ended November 30, 2016 were $6.3 million ($0.05 per diluted share), compared with net earnings attributable to CMC of $25.1 million ($0.21 per diluted share) for the first quarter ended November 30, 2015. Results for the first quarter of fiscal 2017 were adversely impacted by the following, compared to the first quarter of fiscal 2016 (all after-tax):  (i) a $2.7 million ($0.02 per diluted share) increase in stock-based compensation expense related to mark to market adjustments associated with the increase in the value of our common stock at November 30, 2016, (ii) a $1.6 million ($0.01 per diluted share) increase in severance cost and (iii) an approximate $1.4 million ($0.01 per diluted share) unfavorable impact from a net mark to market loss on open copper derivatives.

Adjusted operating profit from continuing operations was $23.4 million for the first quarter of fiscal 2017, compared with adjusted operating profit from continuing operations of $56.1 million for the first quarter of fiscal 2016. Adjusted EBITDA from continuing operations was $53.8 million for the first quarter of fiscal 2017, compared with adjusted EBITDA from continuing operations of $87.7 million for the first quarter of fiscal 2016.

The Company's liquidity position at November 30, 2016 remained strong with cash and cash equivalents of $465.2 million and availability under the Company's credit and accounts receivables sales facilities of $555.4 million. We regularly evaluate the uses of our cash to maximize total shareholder return, including debt repayment, capital deployment, share repurchases and dividends.

Joe Alvarado, Chairman of the Board, President and CEO, commented, "We experienced margin compression in some of our market segments in the early part of our first quarter; however, rising raw material costs, low customer inventory levels and an increase in bidding activity in November suggest more optimistic outcomes for the balance of the year, allowing for the regular seasonal slowdown in the construction markets we experience in the second quarter. For the last two consecutive quarters of the Jacobson Survey, the customer satisfaction survey of 28 U.S. bar mills, CMC's four mills have held the top four positions in overall customer satisfaction, a testament to our continued focus on customers. This customer focus, as well as aggressive cost management, position us well to take advantage of the hopefully better months ahead for the U.S. steel industry. Our International Mill segment recorded an increase in adjusted operating profit due to increased volumes as the construction sector in Poland improved compared to the first quarter of fiscal 2016. Additionally, our Americas Recycling segment saw improved performance over the first quarter of fiscal 2016 through margin expansion and improved sales volumes."

On January 4, 2017, the board of directors of CMC declared a quarterly dividend of $0.12 per share for shareholders of record on January 17, 2017.  The dividend will be paid on February 1, 2017.

Business Segments-Fiscal First Quarter 2017 Review
Our Americas Recycling segment recorded adjusted operating loss of $5.1 million for the first quarter of fiscal 2017 compared to adjusted operating loss of $6.5 million for the first quarter of fiscal 2016. Adjusted operating loss for the first quarter of fiscal 2016 included a $2.5 million positive insurance claim. The improvement in adjusted operating loss compared to the same period in fiscal 2016 was primarily due to per ton margin expansions of 38% on nonferrous shipments and 2% on ferrous shipments as average selling prices improved. However, nonferrous tons shipped decreased 6% due to lower availability of inventory volumes entering the quarter, while ferrous tons shipped increased 4% compared to the first quarter of fiscal 2016.

Our Americas Mills segment recorded adjusted operating profit of $36.9 million for the first quarter of fiscal 2017 compared to adjusted operating profit of $59.1 million for the corresponding period in fiscal 2016. Profitability in this segment declined during the first quarter of fiscal 2017 compared to the first quarter of fiscal 2016 due to 17% margin compression as the average selling price decreased $57 per short ton, coupled with a $3 per short ton increase in the average cost of ferrous scrap consumed. Our focus remains on improvements in conversion cost for our mills as we believe margins will continue to be pressured by imports.

Our Americas Fabrication segment recorded adjusted operating profit of $6.7 million for the first quarter of fiscal 2017 compared to adjusted operating profit of $21.3 million for the first quarter of fiscal 2016. The decline in adjusted operating profit for the first quarter of fiscal 2017 continues the effect, seen in the fourth quarter of fiscal 2016, that aggressive imports had on projects booked in fiscal 2016 at lower prices which are now running through our fabrication backlog. Further contributing to the decline in adjusted operating profit, this segment recorded a $2.4 million gain on a property sale during the first quarter of fiscal 2016.

Our International Mill segment recorded adjusted operating profit of $10.0 million for the first quarter of fiscal 2017 compared to adjusted operating profit of $2.8 million for the corresponding period in fiscal 2016. Adjusted operating profit for the first quarter of fiscal 2017 increased due to strong demand in the construction sector for rebar and merchant products, which drove volumes up by 38 thousand short tons versus the first quarter of fiscal 2016. The increase in volumes more than offset a 3% margin decline, which resulted from an $11 per short ton decrease in average selling price and a $5 per short ton decrease in the average cost of ferrous scrap consumed.

Our International Marketing and Distribution segment recorded adjusted operating loss of $1.0 million for the first quarter of fiscal 2017 compared to adjusted operating loss of $2.2 million for the same period in the prior fiscal year. The decrease in adjusted operating loss was primarily due to improved margins for our steel trading businesses headquartered in the U.S. and United Kingdom, which were partially offset by a decline in margins for our operations in Asia. This segment recorded $0.4 million in inventory write-downs in the first quarter of fiscal 2017 compared to $2.7 million in the first quarter of fiscal 2016.

Outlook
Our second fiscal quarter has historically been slower as a result of a seasonal downturn in construction activity due to winter weather conditions and holidays. Several indicators point to potential improvements in market conditions during our fiscal 2017. Non-residential construction, our primary end use market in the U.S., has improved over the last several months. Non-residential construction spending increased 9% and non-residential construction starts increased 29% year over year for the quarter ending November 30, 2016. Additionally, the Architectural Billings Index for the southern U.S., an important geography for CMC, has remained strong for the last several quarters. We are optimistic about potential investments in infrastructure which may begin to develop during our fiscal 2017 as a result of the Fixing America's Surface Transportation ("FAST") Act. Ferrous scrap pricing improved during November and December 2016, which we expect will support finished goods pricing and re-entry into the market by customers anticipating a market bottom. Finally, the change in the political leadership following the U.S. elections may result in more favorable business conditions and economic growth in the medium and long terms. Potential changes in the regulatory environment related to trade, taxes, infrastructure spending and other matters may bode well for the domestic steel industry and we are well positioned to capitalize on any such changes.

Conference Call
CMC invites you to listen to a live broadcast of its first quarter of fiscal 2017 conference call today, Monday, January 9, 2017, at 11:00 a.m. ETJoe Alvarado, Chairman of the Board, President and CEO, Barbara Smith, COO, and Mary Lindsey, Vice President and CFO, 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 including steel minimills, steel fabrication and processing plants, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets.

Forward-Looking Statements
This news release contains forward-looking statements regarding CMC's expectations relating to economic conditions, U.S. construction activity, changes in political and regulatory conditions, the effects of global steel overcapacity and international trade, anticipated finished goods pricing and customer growth, and CMC's operating plans and segment results.  These forward-looking statements generally can be identified by phrases such as we, CMC or its management, "expects," "anticipates," "believes," "estimates," "intends," "plans to," "ought," "could," "will," "should," "likely," "appears," "potential" or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. 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, CMC undertakes 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 otherwise

Factors that could cause actual results to differ materially from CMC's expectations include the following: overall global economic conditions, including the ongoing recovery from the last recession, continued sovereign debt problems in the Euro-zone and construction activity or lack thereof, and their impact in a highly cyclical industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices; 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; potential limitations in our or our customers' ability to access credit and non-compliance by our customers with our contracts; financial covenants and restrictions on the operation of our business contained in agreements governing our debt; currency fluctuations; global factors, including political uncertainties and military conflicts; availability of electricity and natural gas for mill operations; information technology interruptions and breaches in security data; ability to hire and retain key executives and other employees; our ability to make necessary capital expenditures; availability and pricing of raw materials over which we exert little influence, including scrap metal, energy, insurance and supply prices; unexpected equipment failures; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; 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; and increased costs related to health care reform legislation.

COMMERCIAL METALS COMPANY

OPERATING STATISTICS AND BUSINESS SEGMENTS (UNAUDITED)


Three Months Ended


Three Months Ended

(short tons in thousands)

11/30/2016


11/30/2015


2/29/2016


5/31/2016


8/31/2016

Americas Recycling










    Ferrous tons shipped

405



389



379



423



423


    Non-ferrous tons shipped

49



52



48



49



52


Americas Recycling tons shipped

454



441



427



472



475












Americas Steel Mills










    Rebar shipments

404



394



364



462



411


    Merchant and other shipments

231



246



244



262



247


Total Americas Mills tons shipped

635



640



608



724



658












    Average selling price (total sales)

$

499



$

556



$

510



$

501



$

531


    Average cost ferrous scrap utilized

201



198



179



213



234


Americas Steel Mills metal margin

$

298



$

358



$

331



$

288



$

297












International Mill










    Tons shipped

316



278



282



353



341












    Average selling price (total sales)

$

397



$

408



$

363



$

378



$

409


    Average cost ferrous scrap utilized

202



207



178



187



211


International Mill metal margin

$

195



$

201



$

185



$

191



$

198












Americas Fabrication










    Rebar shipments

248



249



225



270



284


    Structural and post shipments

25



28



29



40



30


Total Americas Fabrication tons shipped

273



277



254



310



314












Americas Fabrication average selling price (excluding stock and buyout sales)

$

782



$

889



$

842



$

827



$

805






















(in thousands)

Three Months Ended


Three Months Ended

Net sales

11/30/2016


11/30/2015


2/29/2016


5/31/2016


8/31/2016

Americas Recycling

$

176,708



$

179,207



$

148,346



$

182,477



$

195,724


Americas Mills

347,165



384,532



336,429



396,481



381,406


Americas Fabrication

338,400



382,314



336,144



385,080



385,917


International Mill

134,401



120,448



107,458



141,438



147,842


International Marketing and Distribution

248,160



283,037



276,876



319,604



310,079


Corporate

1,750



2,391



(2,867)



4,585



2,973


Eliminations

(171,521)



(197,070)



(182,689)



(202,275)



(215,361)


Total net sales

$

1,075,063



$

1,154,859



$

1,019,697



$

1,227,390



$

1,208,580












Adjusted operating profit (loss)










Americas Recycling

$

(5,098)



$

(6,548)



$

(7,645)



$

(1,978)



$

(45,113)


Americas Mills

36,949



59,064



50,699



54,976



45,012


Americas Fabrication

6,711



21,345



14,825



22,794



9,638


International Mill

9,973



2,771



1,951



5,467



18,703


International Marketing and Distribution

(966)



(2,169)



(2,293)



892



(3,517)


Corporate

(24,013)



(18,072)



(28,801)



(22,542)



(25,670)


Eliminations

(204)



(330)



1,232



1,331



3,086


Adjusted operating profit from continuing operations

$

23,352



$

56,061



$

29,968



$

60,940



$

2,139


 


COMMERCIAL METALS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)



Three Months Ended November 30,

(in thousands, except share data)


2016


2015

Net sales


$

1,075,063



$

1,154,859


Costs and expenses:





Cost of goods sold


943,071



997,242


Selling, general and administrative expenses


108,867



101,908


Interest expense


13,298



18,304




1,065,236



1,117,454







Earnings from continuing operations before income taxes


9,827



37,405


Income taxes


2,653



11,772


Earnings from continuing operations


7,174



25,633







Loss from discontinued operations before income tax benefit


(917)



(572)


Income tax benefit


(18)



(2)


Loss from discontinued operations


(899)



(570)







Net earnings


6,275



25,063


Less net earnings attributable to noncontrolling interests





Net earnings attributable to CMC


6,275



25,063







Basic earnings (loss) per share attributable to CMC:





Earnings from continuing operations


$

0.06



$

0.22


Loss from discontinued operations


(0.01)




Net earnings


$

0.05



$

0.22







Diluted earnings (loss) per share attributable to CMC:





Earnings from continuing operations


$

0.06



$

0.22


Loss from discontinued operations


(0.01)



(0.01)


Net earnings


$

0.05



$

0.21







Cash dividends per share


$

0.12



$

0.12


Average basic shares outstanding


115,097,467



116,022,241


Average diluted shares outstanding


116,604,789



117,339,445


 

COMMERCIAL METALS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands)


November 30, 
 2016


August 31, 
 2016

Assets





Current assets:





Cash and cash equivalents


$

465,167



$

517,544


Accounts receivable, net


716,640



765,784


Inventories, net


633,764



652,754


Other current assets


97,099



112,043


Total current assets


1,912,670



2,048,125


Net property, plant and equipment


893,200



895,049


Goodwill


66,114



66,373


Other assets


130,596



121,322


Total assets


$

3,002,580



$

3,130,869


Liabilities and stockholders' equity





Current liabilities:





Accounts payable-trade


$

224,395



$

243,532


Accounts payable-documentary letters of credit


317



5


Accrued expenses and other payables


202,847



264,112


Current maturities of long-term debt


312,892



313,469


Total current liabilities


740,451



821,118


Deferred income taxes


50,183



63,021


Other long-term liabilities


126,693



121,351


Long-term debt


755,161



757,948


Total liabilities


1,672,488



1,763,438


Stockholders' equity attributable to CMC


1,329,933



1,367,272


Stockholders' equity attributable to noncontrolling interests


159



159


Total equity


1,330,092



1,367,431


Total liabilities and stockholders' equity


$

3,002,580



$

3,130,869


 

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)



Three Months Ended November 30,

(in thousands)


2016


2015

Cash flows from (used by) operating activities:





Net earnings


$

6,275



$

25,063


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





Depreciation and amortization


30,290



31,991


Deferred income taxes


(12,418)



(14,058)


Stock-based compensation


8,245



6,266


Amortization of interest rate swaps termination gain


(1,899)



(1,899)


Provision for losses on receivables, net


1,528



2,071


Write-down of inventories


508



2,657


Asset impairment


462




Tax benefit from stock plans


(334)



(25)


Net (gain) loss on sales of assets and other


41



(2,830)


Changes in operating assets and liabilities:





Accounts receivable


30,085



166,661


Advance payments on sale of accounts receivable program, net


8,269



10,678


Inventories


10,678



78,700


Accounts payable, accrued expenses and other payables


(70,390)



(76,449)


Changes in other operating assets and liabilities


(12,294)



(9,253)


Net cash flows from (used by) operating activities


(954)



219,573


Cash flows from (used by) investing activities:





Capital expenditures


(42,965)



(11,169)


Decrease in restricted cash


16,609




Proceeds from the sale of subsidiaries


524




Proceeds from the sale of property, plant and equipment and other


179



2,813


Net cash flows used by investing activities


(25,653)



(8,356)


Cash flows from (used by) financing activities:





Cash dividends


(13,862)



(13,978)


Stock issued under incentive and purchase plans, net of forfeitures


(7,661)



(7,628)


Repayments on long-term debt


(3,161)



(2,909)


Tax benefit from stock plans


334



25


Increase (decrease) in documentary letters of credit, net


320



(9,752)


Short-term borrowings, net change




(20,090)


Treasury stock acquired




(4,555)


Decrease in restricted cash




1


Net cash flows used by financing activities


(24,030)



(58,886)


Effect of exchange rate changes on cash


(1,740)



(466)


Increase (decrease) in cash and cash equivalents


(52,377)



151,865


Cash and cash equivalents at beginning of year


517,544



485,323


Cash and cash equivalents at end of period


$

465,167



$

637,188


 

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.

Adjusted Operating Profit from Continuing Operations is a non-GAAP financial measure. Adjusted operating profit from continuing operations is the sum of our earnings from continuing operations before income taxes, interest expense and discounts on sales of accounts receivable. Adjusted operating profit from continuing operations should not be considered as an alternative to earnings from continuing operations or net earnings, as determined by GAAP. Management uses adjusted operating profit from continuing operations to evaluate the financial performance of CMC. For added flexibility, we may sell certain trade accounts receivable both in the U.S. and internationally. We consider sales of accounts receivable as an alternative source of liquidity to finance our operations, and we believe that removing these costs provides a clearer perspective of CMC's operating performance. Adjusted operating profit from continuing operations may be inconsistent with similar measures presented by other companies.



Three Months Ended


Three Months Ended

(in thousands)


11/30/2016


11/30/2015


2/29/2016


5/31/2016


8/31/2016

Earnings from continuing operations


$

7,174



$

25,633



$

10,849



$

35,111



$

950


Income taxes


2,653



11,772



2,064



10,676



(11,865)


Interest expense


13,298



18,304



16,625



14,737



12,565


Discounts on sales of accounts receivable


227



352



430



416



489


Adjusted operating profit from continuing operations


$

23,352



$

56,061



$

29,968



$

60,940



$

2,139


 

Adjusted EBITDA from Continuing Operations is a non-GAAP financial measure. Adjusted EBITDA from continuing operations is the sum of earnings from continuing operations before net earnings attributable to noncontrolling interests, interest expense and income taxes. It also excludes CMC's largest recurring non-cash charge, depreciation and amortization, as well as long-lived asset impairment charges, which are also non-cash.  There were no net earnings attributable to noncontrolling interests or impairment charges during the three months ended November 30, 2016 and 2015. Adjusted EBITDA from continuing operations should not be considered an alternative to earnings from continuing operations or net earnings, or as a better measure of liquidity than net cash flows from operating activities, as determined by GAAP. However, we believe that adjusted EBITDA from continuing operations provides relevant and useful information, which is often used by analysts, creditors and other interested parties in our industry. Additionally, adjusted EBITDA from continuing operations is the target benchmark for our annual and long-term cash incentive performance plans for management. Adjusted EBITDA from continuing operations may be inconsistent with similar measures presented by other companies.



Three Months Ended


Three Months Ended

(in thousands)


11/30/2016


11/30/2015


2/29/2016


5/31/2016


8/31/2016

Earnings from continuing operations


$

7,174



$

25,633



$

10,849



$

35,111



$

950


Interest expense


13,298



18,304



16,625



14,737



12,565


Income taxes


2,653



11,772



2,064



10,676



(11,865)


Depreciation and amortization


30,286



31,991



31,550



31,883



31,516


Impairment charges


388







76



39,952


Adjusted EBITDA from continuing operations


$

53,799



$

87,700



$

61,088



$

92,483



$

73,118


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/commercial-metals-company-reports-first-quarter-earnings-from-continuing-operations-per-share-of-006-300387495.html

SOURCE Commercial Metals Company