Commercial Metals Company today announced financial results for its third quarter ended May 31, 2016. Earnings from continuing operations for the third quarter of fiscal 2016 were $35.1 million on net sales of $1.2 billion. This compares to earnings from continuing operations of $39.2 million on net sales of $1.5 billion for the third quarter of fiscal 2015.
The Americas Recycling segment recorded adjusted operating loss of $2.0 million for the third quarter of fiscal 2016 compared to adjusted operating loss of $3.7 million for the third quarter of fiscal 2015.
The Americas Mills segment recorded adjusted operating profit of $55.0 million for the third quarter of fiscal 2016 compared to adjusted operating profit of $63.3 million for the corresponding period in the prior fiscal year.
The Americas Fabrication segment recorded adjusted operating profit of $22.8 million for the third quarter of fiscal 2016, which represented this segment's best fiscal third quarter since the third quarter of fiscal 2007. This compares to adjusted operating profit of $13.7 million for the third quarter of fiscal 2015.
The International Mill segment recorded adjusted operating profit of $5.5 million for the third quarter of fiscal 2016 compared to adjusted operating profit of $6.1 million for the corresponding period in fiscal 2015.
“We expect the results of our fiscal fourth quarter to remain strong, consistent with the results of our fiscal third quarter,” said Joe Alvarado, Chairman of the Board, President, and CEO. “Our key market indicators continue to point toward strong demand in the US construction markets. Non-residential construction spending, which is our primary end use market in the U.S., was up 5 percent year over year in April 2016. The Architecture Billings Index (ABI) remained above 50 for 24 of the 27 months ended May 2016, which has historically been a leading indicator of improved non-residential construction. We expect to begin realizing productivity and cost improvements in the fourth quarter of fiscal 2016 from key capital projects. Our balance sheet remains a key strength of our company, and we expect to finish fiscal 2016 well positioned to continue the positive momentum into fiscal 2017.”