CMC Reports Fourth Quarter and Full Year Fiscal 2023 Results.

IRVING, Texas: Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal fourth quarter ended August 31, 2023. Net earnings were $184.2 million, or $1.56 per diluted share, on net sales of $2.2 billion, compared to prior year period net earnings of $288.6 million, or $2.40 per diluted share, on net sales of $2.4 billion.

For the full year fiscal 2023, CMC reported net earnings of $859.8 million, or $7.25 per diluted share, on net sales of $8.8 billion compared to prior year net earnings of $1,217.3 million, or $9.95 per diluted share, on net sales of $8.9 billion.

During the fourth quarter of fiscal 2023, the Company recorded a net after-tax charge of $15.7 million, primarily related to commissioning efforts at the Arizona 2 micro mill. Excluding this item, fourth quarter adjusted earnings were $199.9 million, or $1.69 per diluted share, compared to adjusted earnings of $294.9 million, or $2.45 per diluted share, in the prior year period. "Adjusted EBITDA," "core EBITDA," "adjusted earnings" and "adjusted earnings per diluted share" are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP, can be found in the financial tables that follow.

Peter Matt, President and Chief Executive Officer, said, "Fiscal 2023 marked another exceptional year for CMC with highlights including record employee safety performance, the second-best financial results in our Company's 108-year history, and the achievement of several strategic growth milestones. These results were made possible by outstanding operational, commercial, and strategic execution by the CMC team. On behalf of our board of directors, employees, and shareholders, I also want to thank Barbara Smith for her outstanding leadership as Chief Executive Officer, which has transformed the Company and built a strong foundation for the future. I look forward to continuing the strong growth trajectory that she established."

Mr. Matt added, "We generated strong core EBITDA in the fourth quarter, with performance benefiting from solid demand and attractive margin conditions within our North American markets supported by our ongoing efforts to reduce controllable costs. These tailwinds were partially offset by a challenging market environment within Europe, where weaker demand and compressed margins meaningfully impacted our results.

"During...