Commercial Metals Co. Files Q3 2024 10-Q
Ticker: CMC · Form: 10-Q · Filed: Jun 25, 2024 · CIK: 22444
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
CMC's Q3 2024 10-Q is in. Check it for the latest financials.
AI Summary
Commercial Metals Company (CMC) filed its 10-Q for the period ending May 31, 2024. The company reported financial results for the third quarter and the first nine months of fiscal year 2024. Specific financial figures and operational details for these periods are detailed within the filing.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Commercial Metals Company, crucial for understanding the company's current standing and future outlook.
Risk Assessment
Risk Level: medium — As a publicly traded company in the industrial sector, CMC faces inherent market, operational, and economic risks detailed in its SEC filings.
Key Numbers
- 2024-05-31 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-06-25 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Commercial Metals Co (company) — Filer of the 10-Q
- 20240531 (date) — End of the reporting period
- 20240625 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is May 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on June 25, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0000022444.
What is the Standard Industrial Classification (SIC) code for Commercial Metals Co?
The SIC code for Commercial Metals Co is 3312, which corresponds to STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS).
What is the fiscal year end for Commercial Metals Co?
The fiscal year end for Commercial Metals Co is August 31.
Filing Stats: 4,465 words · 18 min read · ~15 pages · Grade level 17.4 · Accepted 2024-06-25 10:41:20
Key Financial Figures
- $0.01 — ange on Which Registered Common Stock, $0.01 par value CMC New York Stock Exchange
Filing Documents
- cmc-20240531.htm (10-Q) — 1548KB
- cmc-05312024xform10xqxex311.htm (EX-31.1) — 8KB
- cmc-05312024xform10xqxex312.htm (EX-31.2) — 8KB
- cmc-05312024xform10xqxex321.htm (EX-32.1) — 4KB
- cmc-05312024xform10xqxex322.htm (EX-32.2) — 4KB
- cmc-20240531_g1.jpg (GRAPHIC) — 6KB
- 0000022444-24-000089.txt ( ) — 8026KB
- cmc-20240531.xsd (EX-101.SCH) — 43KB
- cmc-20240531_cal.xml (EX-101.CAL) — 58KB
- cmc-20240531_def.xml (EX-101.DEF) — 205KB
- cmc-20240531_lab.xml (EX-101.LAB) — 581KB
- cmc-20240531_pre.xml (EX-101.PRE) — 403KB
- cmc-20240531_htm.xml (XML) — 1599KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION 3
Financial Statements
Item 1. Financial Statements 3 Condensed Consolidated Statements of Earnings (Unaudited) - Three and nine months ended May 31 , 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Three and nine months ended May 31 , 2024 and 2023 4 Condensed Consolidated Balance Sheets (Unaudited) - May 31 , 2024 and August 31, 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) - Nine months ended May 31 , 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Three and nine months ended May 31 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Note 1. Nature of Operations and Accounting Policies 9 Note 2. Changes in Business 11 Note 3. Accumulated Other Comprehensive Income (Loss) 12 Note 4. Revenue Recognition 13 Note 5. Inventories, Net 13 Note 6. Goodwill and Other Intangibles 14 Note 7. Credit Arrangements 16 Note 8. Derivatives 17 Note 9. Fair Value 18 Note 10. Stock-Based Compensation Plans 20 Note 11. Stockholders' Equity and Earnings Per Share 21 Note 12. Commitments and Contingencies 21 Note 13. Segment Information 22
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 36
Controls and Procedures
Item 4. Controls and Procedures 37
— OTHER INFORMATION
PART II — OTHER INFORMATION 38
Legal Proceedings
Item 1. Legal Proceedings 38
Risk Factors
Item 1A. Risk Factors 38
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 38
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 39
Other Information
Item 5. Other Information 39
Exhibits
Item 6. Exhibits 40 Signature 41 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS 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 and per share data) 2024 2023 2024 2023 Net sales $ 2,078,485 $ 2,344,989 $ 5,929,823 $ 6,590,305 Costs and operating expenses: Cost of goods sold 1,738,086 1,862,299 4,894,200 5,203,476 Selling, general and administrative expenses 167,975 163,742 497,951 470,902 Interest expense 12,117 8,878 35,751 31,868 Net costs and operating expenses 1,918,178 2,034,919 5,427,902 5,706,246 Earnings before income taxes 160,307 310,070 501,921 884,059 Income taxes 40,867 76,099 120,361 208,465 Net earnings $ 119,440 $ 233,971 $ 381,560 $ 675,594 Earnings per share: Basic $ 1.03 $ 2.00 $ 3.28 $ 5.76 Diluted 1.02 1.98 3.25 5.69 Average basic shares outstanding 115,529,942 117,066,623 116,228,826 117,192,710 Average diluted shares outstanding 116,664,885 118,397,899 117,583,055 118,747,084 See notes to condensed consolidated financial statements. 3 Table of Contents COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended May 31, Nine Months Ended May 31, (in thousands) 2024 2023 2024 2023 Net earnings $ 119,440 $ 233,971 $ 381,560 $ 675,594 Other comprehensive income (loss), net of income taxes: Foreign currency translation adjustments 9,845 42,723 34,679 95,780 Derivatives: Net unrealized holding gain (loss) ( 29,559 ) ( 11,848 ) ( 120,428 ) 80,154 Reclassification for realized (gain) loss 553 ( 295 ) ( 1,135 ) ( 8,128 ) Net unrealized gain (loss) on derivatives ( 29,006 ) ( 12,143 ) ( 121,563 ) 72,026 Defined benefit plans gain (loss) after amortization of prior service costs ( 9 ) ( 94 ) ( 27 ) 1,627 Total other comprehensive income (loss), net of income taxes ( 19,170 ) 30,486 ( 86,911 ) 169,433 Comprehensive income $ 100,270 $ 264,457 $ 294,649