Commercial Metals Company Reports 3rd Quarter Fiscal 2020 Results.

IRVING, Texas: 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...