IRVING, Texas — Commercial Metals Co. (CMC) on Monday reported fiscal first-quarter profit of $83.3 million.
The Irving, Texas-based company said it had net income of 70 cents per share. Earnings, adjusted for one-time gains and costs, came to 73 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The manufacturer and recycler of steel and metal products posted revenue of $1.38 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $1.45 billion.
Commercial Metals shares have dropped slightly since the beginning of the year. The stock has risen 30% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CMC at https://www.zacks.com/ap/CMC