Commercial Metals rises after Q2 profit beat

Commercial Metals

21/03/2024 12:56

** Shares of steelmaker Commercial Metals  CMC.N  up 4% at
$58.25 premarket 
    ** Co posts fiscal Q2 adj. profit of 88 cents/shr vs est. of
75 cents/shr - LSEG data 
    ** "Steel product margins over scrap exited the quarter on
an upward trajectory, which provides a solid baseline for
continued strong margins," CEO Peter Matt says 
    ** Co's steel product shipments rise to 694,000 tons vs
660,000 tons in the year-ago quarter 
    ** However, its average selling price per ton for steel
products falls to $905 from $985  
    ** Up to last close, stock is up ~12% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))