Commercial Metals (CMC) Q1 FY2024 earnings: revenue $2.0 billion, down 10.1% on the year

Commercial Metals Co. (CMC) reported revenue of $2.0 billion for Q1 FY2024, the quarter ended 30 November 2023, down 10.1% on the same quarter a year earlier. Net income was $176 million, down 32.7% on the year, and diluted earnings per share $1.49. The figures are the company's own, from the 10-Q it filed with the SEC on 8 January 2024.

Revenue$2.0 billiondown 10.1%

Net income$176 milliondown 32.7%

Diluted EPS$1.49

QuarterQ1 FY2024ended 30 November 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,003	2,209	n/a	n/a
Cost of revenue	1,604	1,784	n/a	n/a
Gross profit	399	425	n/a	n/a
Gross margin	19.9%	19.2%	n/a
Selling, general and administrative	163	174	n/a	n/a
Operating income	225	238	n/a	n/a
Operating margin	11.2%	10.8%	n/a
Interest expense	11.8	8.3	n/a	n/a
Pre-tax income	225	238	n/a	n/a
Income tax	48.4	53.7	n/a	n/a
Effective tax rate	21.6%	22.6%	n/a
Net income	176	184	n/a	n/a
Net margin	8.8%	8.3%	n/a
Diluted EPS	$1.49	$1.56	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	261	409	n/a	n/a
Capital expenditure	67.0	167	n/a	n/a
Free cash flow	194	243	n/a	n/a
Free cash flow margin	9.7%	11.0%	n/a
Cash from investing	-66.5	-230	n/a	n/a
Cash from financing	-84.0	-62.4	n/a	n/a
Depreciation and amortisation	69.2	61.3	n/a	n/a
Share-based compensation	8.1	16.5	n/a	n/a
Buybacks	28.4	18.6	n/a	n/a
Dividends paid	18.7	18.7	n/a	n/a
Dividend per share	$0.16	n/a	n/a	n/a
Diluted shares, weighted	118m	118m	n/a	n/a
Shares outstanding at period end	117m	117m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	4,230	4,121	n/a	n/a
Non-controlling interest	0.2	0.2	n/a	n/a
Debt	1,000	1,061	n/a	n/a
Operating lease liabilities	n/a	130	n/a	n/a
Finance lease liabilities	n/a	67.4	n/a	n/a
Other liabilities	1,465	1,260	n/a	n/a
Total liabilities and equity	6,695	6,639	n/a	n/a
Fixed assets	2,424	2,409	n/a	n/a
Goodwill	383	386	n/a	n/a
Intangible assets	252	259	n/a	n/a
Cash and equivalents	707	596	n/a	n/a
Receivables	1,216	1,240	n/a	n/a
Inventory	1,029	1,036	n/a	n/a
Other assets	684	713	n/a	n/a
Total assets	6,695	6,639	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,209	2,003	1,848	2,078	1,996	1,910	1,754	2,020	2,115	2,120	2,132	2,483
Cost of revenue	1,784	1,604	1,552	1,738	1,673	1,602	1,535	1,720	1,722	1,713	1,744	2,028
Gross profit	425	399	296	340	323	308	220	300	393	407	388	455
Gross margin	19%	20%	16%	16%	16%	16%	13%	15%	19%	19%	18%	18%
SG&A	174	163	167	168	167	178	168	176	179	196	233	222
Operating income	238	225	117	160	134	-231	36.1	110	193	183	110	189
Operating margin	11%	11%	6%	8%	7%	-12%	2%	5%	9%	9%	5%	8%
Interest expense	8.3	11.8	11.9	12.1	12.1	11.3	11.2	10.9	n/a	24.8	5.0	6.0
Pre-tax income	238	225	117	160	134	-231	36.1	110	193	183	110	189
Tax rate	23%	22%	27%	25%	22%	n/a	29%	24%	21%	3%	15%	8%
Net income	184	176	85.8	119	104	-176	25.5	83.1	152	177	93.0	173
Net margin	8%	9%	5%	6%	5%	-9%	1%	4%	7%	8%	4%	7%
Diluted EPS	$1.56	$1.49	$0.73	$1.02	$0.90	-$1.54	$0.22	$0.73	$1.35	$1.58	$0.83	$1.55
Operating cash flow	409	261	89.0	198	352	213	32.4	154	315	204	166	233
Capital expenditure	167	67.0	93.8	82.0	81.5	118	86.3	89.5	109	125	123	156
Free cash flow	243	194	-4.8	116	270	94.8	-53.8	65.0	206	78.8	43.6	76.4
Buybacks	18.6	28.4	47.9	51.8	54.8	50.4	48.0	50.4	50.0	38.9	18.3	18.9
Dividends paid	18.7	18.7	18.6	20.8	20.7	20.6	20.4	20.3	20.1	20.0	20.0	22.2
Shares outstanding	117m	117m	116m	115m	114m	114m	113m	112m	111m	111m	111m	111m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 November 2023, filed 8 January 2024, accession 0000022444-24-000017: the filing on EDGAR. All of Commercial Metals Co.'s filings: EDGAR company page.

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