Originally published at www.seclive.com
Commercial Metals Company (NYSE:CMC) has announced its first quarter financial results for the fiscal year 2014, reporting a 7.6% decline in earnings. The steel and metal products company saw net sales decline 3.8% to $1.68B, falling short of analyst predictions of $1.74B. Earnings this quarter were $45.9M and $0.39 per share, down from $49.7M and $0.42 per share. CEO Joe Alvarado is already projecting a slowdown for the second quarter as the holidays and seasonal weather have both reduced construction operations. The company's largest revenue generator, international marketing and distribution, saw a 16% decline while American recycling sales fell 3.9%. Commercial Metals maintains a cash position of $515.5M in cash and cash equivalents with $1.2B in liquidity, a jump from a year-ago with $378.8M in cash and cash equivalents with $1.1B in liquidity.
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