Commercial Metals Company (NYSE:CMC) Q3 2023 Earnings Conference Call June 22, 2023 11:00 AM ET Company Participants Barbara Smith - Chairman of the Board and Chief Executive Officer Peter Matt - President Paul Lawrence - Senior Vice President and Chief Financial Officer Conference Call Participants Tristan Gresser - BNP Paribas Exane Timna Tanners - Wolfe Research Lawson Winder - Bank of America Emily Chieng - Goldman Sachs Alex Hacking - Citigroup Operator Hello, and welcome, everyone, to the Third Qua ...

Financial Performance - Net sales for the three months ended May 31, 2023, were $2,344,989 thousand, a decrease of 6.8% compared to $2,515,727 thousand for the same period in 2022[173]. - Net earnings for the nine months ended May 31, 2023, were $675,594 thousand, down 27.3% from $928,632 thousand for the same period in 2022[173]. - Diluted earnings per share for the three months ended May 31, 2023, were $1.98, a decrease of 22.1% compared to $2.54 for the same period in 2022[173]. - For the three and nine months ended May 31, 2023, the company achieved net earnings of $234.0 million and $675.6 million, respectively, compared to $312.4 million and $928.6 million in the corresponding periods, reflecting a decrease in earnings due to compression in steel products metal margins in Europe[200]. - Adjusted EBITDA for the nine months ended May 31, 2023, was $1,073,501 thousand, a decrease of 20% from $1,343,421 thousand for the same period in 2022[182]. - Adjusted EBITDA for the three and nine months ended May 31, 2023, was $402.2 million and $1.1 billion, respectively, compared to $379.4 million and $1.2 billion in the corresponding periods, with significant expansion in downstream products margin over scrap[204]. - Adjusted EBITDA decreased by $111.4 million, or 92%, for the three months ended May 31, 2023, and by $194.9 million, or 69%, for the nine months ended May 31, 2023, compared to the corresponding periods[235]. Acquisitions and Investments - The company completed the acquisition of Kodiak, a metals recycling facility, on November 14, 2022, and Tendon Systems, LLC, on March 17, 2023, enhancing its operational capabilities in North America[162][163]. - The acquisition of Tensar for approximately $550 million was completed on April 25, 2022, expanding the company's product offerings in ground stabilization and soil reinforcement[186]. - The acquired Tensar operations contributed $12.5 million and $49.4 million in incremental net sales during the three and nine months ended May 31, 2023, respectively[206]. - The acquired Tensar operations contributed an incremental $32.1 million and $108.2 million of net sales during the three and nine months ended May 31, 2023, respectively[232]. - The company plans to commission a new micro mill in Berkeley County, West Virginia, by late calendar 2025, enhancing steel production capabilities[191]. Sales and Market Conditions - The Europe segment experienced a decrease in net sales of $131.3 million, or 27%, and $93.9 million, or 8%, during the three and nine months ended May 31, 2023, primarily due to a 22% and 14% decrease in steel products average selling prices per ton[206]. - Net sales from external customers were $6,506,416 thousand for the nine months ended May 31, 2023, compared to $6,590,305 thousand for the same period in 2022[173]. - Net sales decreased by $170.7 million, or 7%, for the three months ended May 31, 2023, compared to the corresponding period, while remaining relatively flat for the nine months ended May 31, 2023[227]. Expenses and Liabilities - Selling, general and administrative expenses increased by $23.4 million and $78.4 million during the three and nine months ended May 31, 2023, respectively[228]. - Total accrued environmental liabilities were $5.2 million as of May 31, 2023, slightly down from $5.3 million at August 31, 2022[180]. - The company reported a decrease in interest expense by $4.6 million for both the three and nine months ended May 31, 2023, compared to the corresponding periods[175]. Cash Flow and Financing - Net cash flows from operating activities were $934.7 million for the nine months ended May 31, 2023, compared to $241.7 million for the same period in 2022[241]. - Net cash flows used by investing activities were $605.2 million for the nine months ended May 31, 2023, compared to $528.7 million for the same period in 2022[242]. - Net cash flows used by financing activities increased by $861.3 million to $537.0 million for the nine months ended May 31, 2023, compared to net cash flows from financing activities of $324.3 million for the same period in 2022[243]. - The company made net repayments of long-term debt amounting to $380.7 million during the nine months ended May 31, 2023, compared to net proceeds of $420.7 million from long-term debt issuance in the same period of 2022[243]. Future Outlook and Capital Expenditures - The company estimates its 2023 capital spending will range from $575 million to $600 million, subject to change based on current and expected results[213]. - The company anticipates that current cash balances and cash flows from operations will be sufficient to maintain operations and meet liquidity needs for at least the next twelve months[239]. - The company anticipates potential synergies and organic growth from acquisitions and strategic investments, although actual results may vary materially from expectations[247]. Other Financial Metrics - The effective income tax rates for the three and nine months ended May 31, 2023, were 24.5% and 23.6%, respectively, compared to 22.9% and 21.1% in the corresponding periods, with the increase primarily due to a non-recurring tax benefit in 2022[202]. - The cost of energy increased by $57 per ton during both the three and nine months ended May 31, 2023, compared to the corresponding periods[235]. - Goodwill increased to $352.3 million as of May 31, 2023, from $259.2 million on September 1, 2022, reflecting acquisitions and foreign currency translation adjustments[259]. - Total commodity contract commitments increased by $245.8 million, or 120%, compared to August 31, 2022, primarily due to a $254.4 million increase in electricity commodity commitments[250]. - Undiscounted purchase obligations due in the twelve months following May 31, 2023, were approximately $810 million, with 24% allocated for consumable production inputs and 21% for capital expenditures[252]. - Operating lease obligations for the twelve months following May 31, 2023, were approximately $38.8 million, with $133.6 million due thereafter[245]. - Finance lease obligations for the twelve months following May 31, 2023, were approximately $27.9 million, with $61.5 million due thereafter[245]. - The company had committed $21.9 million under stand-by letters of credit as of May 31, 2023[253]. - The average floating rate (PLN) as of May 31, 2023, was 770.93, compared to 717.22 on August 31, 2022[261].

Commercial Metals Company (NYSE:CMC) Q2 2023 Earnings Conference Call March 23, 2023 11:00 AM ET Company Participants Barbara Smith - Chairman, President and Chief Executive Officer Paul Lawrence - Senior Vice President and Chief Financial Officer Conference Call Participants Emily Chieng - Goldman Sachs Group, Inc. Timna Tanners - Wolfe Research, LLC Tristan Gresser - BNP Paribas Exane Philip Gibbs - KeyBanc Capital Markets Inc. Lawson Winder - Bank of America Merrill Lynch Alex Hacking - Citigroup Operato ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4304 ___________________________________ COMMERCIAL METALS COMPANY (Exact Name of Registrant as Specified in Its Charter) Delaware 75-0725338 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employe ...

Commercial Metals Company (NYSE:CMC) Q1 2023 Earnings Conference Call January 9, 2023 11:00 AM ET Company Participants Barbara Smith - Chairman, President and Chief Executive Officer Paul Lawrence - Senior Vice President and Chief Financial Officer Conference Call Participants Emily Chieng - Goldman Sachs Group, Inc. Timna Tanners - Wolfe Research, LLC Lawson Winder - Bank of America Merrill Lynch Philip Gibbs - KeyBanc Capital Markets Inc. Tristan Gresser - BNP Paribas Exane Operator Hello, and welcome, ev ...

COMMERCIAL METALS COMPANY AND SUBSIDIARIES TABLE OF CONTENTS Delaware 75-0725338 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ Item 1. Financial Statements 3 Item 3. Defaults Upon Senior Securities 32 Item 5. Other Information 32 Signature 34 Table of Contents ITEM 1. FINANCIAL STATEMENTS Average diluted shares outstanding 118,92 ...

Commercial Metals Company (NYSE:CMC) Q4 2022 Earnings Conference Call October 13, 2022 11:00 AM ET Company Participants Barbara Smith - Chairman, President & CEO Paul Lawrence - SVP & CFO Conference Call Participants Emily Chieng - Goldman Sachs Timna Tanners - Wolfe Research Seth Rosenfeld - BNP Paribas Exane Philip Gibbs - KeyBanc Capital Markets Operator Hello, and welcome everyone to the Fourth Quarter Fiscal 2022 Earnings Call for Commercial Metals Company. Today’s materials, including the press releas ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4304 Commercial Metals Company (Exact name of registrant as specified in its charter) Delaware 75-0725338 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________ FORM 10-Q ___________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-4304 ___________________________________ COMMERCIAL METALS COMPANY (Exa ...

Commercial Metals Company (NYSE:CMC) Q3 2022 Earnings Conference Call June 16, 2022 11:00 AM ET Company Participants Barbara Smith - Chairman, President and CEO Paul Lawrence - SVP and CFO Conference Call Participants Emily Chieng - Goldman Sachs David Gagliano - BMO Capital Markets Seth Rosenfeld - BNP Paribas Exane Phil Gibbs - KeyBanc Capital Markets Operator Hello, and welcome everyone to the Third Quarter Fiscal 2022 Earnings Call for Commercial Metals Company. Today’s materials, including the press re ...