Commercial Metals got a big boost in profit during its fiscal third quarter as higher steel prices pushed revenue higher.
The steelmaker posted a profit of $173 million, or $1.55 a share, for the quarter that ended May 31. That's more than double the $83.1 million, or 73 cents a share, it netted in the same quarter a year earlier.
Stripping out one-time items, adjusted earnings were $1.73 a share, three cents higher than the consensus estimate of analysts polled by FactSet.
Sales climbed almost 3% to $2.48 billion, ahead of analyst projections for $2.4 billion.
The company's construction products unit saw sales double from the year before to $394.6 million after it acquired the precast businesses Foley Products Company and CP&P last year. Strong demand also drove growth at its Tensar banner.
Within its North America steel group, sales to external customers climbed to 1.79 billion despite lower shipment volumes as average selling prices lifted. In its smaller European steel segment, both shipments and prices rose.
Higher steel prices translated to wider margins, boosting the bottom line. Chief Executive Peter Matt said the company is enjoying strong booking and backlogs sitting at attractive prices.
Shares rose 2.4% to $73.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 25, 2026 07:30 ET (11:30 GMT)
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