The following is a summary of the Commercial Metals Company (CMC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• CMC reported Q2 net earnings of $85.8 million or $0.73 per diluted share on net sales of $1.8 billion. Adjusted earnings were $103.1 million or $0.88 per diluted share while their core EBITDA stood at $224.4 million. The quarterly dividend increased 13% to $0.18 per share, contributing to a growth of 50% since 2021 end. CMC's share repurchase authorization also increased by $500 million. Their total liquidity was nearly $1.5 billion with a healthy net debt-to-EBITDA and net debt to capitalization ratio.

Business Progress:

• Significant improvements were made in safety protocols, particularly in newly acquired locations. Despite weather-related disruptions, CMC demonstrated enhanced income and cash flow capabilities. The company has identified opportunities for commercial and operational optimization and continues to drive growth through ongoing projects like 'Arizona 2' and 'Steel West Virginia'. CMC's construction pipeline remains healthy and steel consumption is expected to increase in the latter half of fiscal 2024. Anticipated infrastructure spending growth points towards a longer-term trend for CMC's infrastructure focus.

More details: Commercial Metals IR

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