Commercial Metals Co. Q1 FY25 10-Q Filed

Ticker: CMC · Form: 10-Q · Filed: Jan 6, 2025 · CIK: 22444

Sentiment: neutral

Topics: 10-Q, financials, steel

TL;DR

CMC's Q1 FY25 10-Q is in, showing their latest financial health. #Steel

AI Summary

Commercial Metals Company (CMC) filed its 10-Q for the period ending November 30, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial figures and segment performance are presented, reflecting the company's ongoing activities in the steel industry.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of Commercial Metals Company, crucial for understanding its performance and outlook in the steel sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing providing standard disclosures.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is November 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on January 6, 2025.

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 and 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: 4,530 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2025-01-06 13:06:09

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Earnings (Loss) (Unaudited) - Three months ended No vember 30 , 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income ( Loss) (Unaudited) - Three months ended November 30 , 2024 and 2023 4 Condensed Consolidated Balance Sheets (Unaudited) - November 30 , 2024 and August 31, 20 24 5 Condensed Consolidated Statements of Cash Flows (Unaudited) - Three months ended November 30 , 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - Three months ended November 30 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Note 1. Nature of Operations and Accounting Policies 8 Note 2. Changes in Business 8 Note 3. Accumulated Other Comprehensive Income (Loss) 9 Note 4. Revenue Recognition 9 Note 5. Inventories, Net 10 Note 6. Goodwill and Other Intangibles 10 Note 7. Credit Arrangements 12 Note 8. Derivatives 13 Note 9. Fair Value 14 Note 10. Stock-Based Compensation Plans 16 Note 11. Stockholders' Equity and Earnings (Loss) Per Share 16 Note 12. Commitments and Contingencies 17 Note 13. Segment Information 18

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 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

— OTHER INFORMATION

PART II — OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31 Signature 33 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 (LOSS) (UNAUDITED) Three Months Ended November 30, (in thousands, except share and per share data) 2024 2023 Net sales $ 1,909,602 $ 2,003,051 Costs and operating expenses: Cost of goods sold 1,601,722 1,604,068 Selling, general and administrative expenses 177,858 162,532 Interest expense 11,322 11,756 Litigation expense 350,000 — Net costs and operating expenses 2,140,902 1,778,356 Earnings (loss) before income taxes ( 231,300 ) 224,695 Income tax expense (benefit) ( 55,582 ) 48,422 Net earnings (loss) $ ( 175,718 ) $ 176,273 Earnings (loss) per share: Basic $ ( 1.54 ) $ 1.51 Diluted ( 1.54 ) 1.49 Average basic shares outstanding 114,053,455 116,771,939 Average diluted shares outstanding 114,053,455 118,354,913 See notes to condensed consolidated financial statements. 3 Table of Contents COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended November 30, (in thousands) 2024 2023 Net earnings (loss) $ ( 175,718 ) $ 176,273 Other comprehensive income (loss), net of income taxes: Foreign currency translation adjustments ( 34,957 ) 23,493 Derivatives: Net unrealized holding gain (loss) 420 ( 42,945 ) Reclassification for realized gain ( 1,356 ) ( 1,499 ) Net unrealized loss on derivatives ( 936 ) ( 44,444 ) Net other comprehensive loss on defined benefit pension plans ( 10 ) ( 9 ) Total other comprehensive loss, net of income taxes ( 35,903 ) ( 20,960 ) Comprehensive income (loss) $ ( 211,621 ) $ 155,313 See notes to condensed consolidated financial statements. 4 Table of Contents COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) November 30, 2024 August 31, 2024 Assets Current assets: Cash and cash equivalents $ 8

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