Steel and metal products maker Commercial Metals Co. (CMC) said its second-quarter net earnings attributable to the company was $54.5 million, or $0.46 per share, up from $11.1 million, or $0.09 per share in the comparable quarter last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.20 for the quarter. Analysts' estimates typically exclude special items.
Earnings from continuing operations for the latest second quarter were $61.7 million or $0.52 per share, compared with $13.3 million or $0.11 per share in the prior year.
Results for the recent period included after-tax LIFO income from continuing operations of $47.1 million, or $0.40 per share, compared with an after-tax LIFO expense from continuing operations of $12.3 million, or $0.10 per share, for the second quarter of fiscal 2014, the company said.
Quarterly net sales were $1.39 billion, down from the prior-year figure of $1.60 billion. Analysts anticipated revenue of $1.63 billion for the quarter.
On March 25, 2015, the board of directors of CMC declared a quarterly dividend of $0.12 per share for shareholders of record on April 9, 2015. The dividend will be paid on April 23, 2015.
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