Why Commercial Metals Stock Is Falling Today
Portfolio Pulse from Nabaparna Bhattacharya
Commercial Metals Company (NYSE:CMC) reported Q4 FY23 sales of $2.209 billion, beating the consensus of $2.180 billion, but revenues fell 8.2% Y/Y due to lower new contract awards. Adjusted EPS of $1.69 missed the consensus of $1.81. The company expects weaker Q1 compared to Q4 due to seasonally lower shipments, steel product margin compression in North America, and challenging market conditions in Europe. CMC shares are trading lower by 5.67% to $45.60 premarket.
October 12, 2023 | 12:35 pm
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Commercial Metals Company reported lower than expected earnings and a decrease in revenues. The company's shares are trading lower in premarket.
Commercial Metals Company reported lower than expected earnings and a decrease in revenues, which is likely to negatively impact investor sentiment and the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100