Commercial Metals reports Q1 adjusted EPS 78c, consensus 79c

Reports Q1 revenue $1.91B, consensus $1.87B. Peter Matt, president and CEO, said, “The CMC team executed well across multiple fronts during the first quarter, including a near-record safety performance and effective cost management across our operational footprint. Financial results continued to be hindered by economic uncertainty that has weighed on new construction activity, pressuring steel pricing and margins. We remain confident that this weaker demand environment will be temporary as we expect the underlying drivers across infrastructure, non-residential and residential end markets will provide multiyear support for our business. Our downstream bid levels and several key external indicators continue to evidence a robust pipeline of potential future projects that should translate into construction activity in the coming quarters.”