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The Zacks Consensus Estimate for fiscal first-quarter revenues is pegged at $1.9 billion, indicating a 14.6% decline from the prior-year quarter’s reported figure. The same for earnings is pegged at $1.43 per share, implying a 36.2% decline from the year-ago period’s actual.
In the last reported quarter, the company’s top line surpassed the Zacks Consensus Estimate, while the bottom line missed the same. Earnings and revenues declined year over year. The company has a trailing four-quarter average earnings surprise of 2.1%.
Key Factors to Consider
The demand for Commercial Metals’ finished steel products in North America has been strong. Downstream bid volumes, which are significant indicators of the construction project pipeline, have been improving and are expected to have led to higher backlog levels. Demand from industrial end markets is also likely to have been stable.
Volumes in Europe are expected to have been impacted by the weak market conditions. A deceleration in construction activity in Poland and weak demand from the industrial sector are expected to have led to a decline in steel product volumes in the first quarter of fiscal 2024.
Our model predicts the average price of consolidated steel products to be $752 per ton, suggesting a 26% year-over-year decline. The average selling price for consolidated downstream products is expected to be 11% lower in the quarter at $625 per ton.
The company announced that commencing with the first quarter of fiscal 2024, it will release its financial results with a realigned reporting structure. It will now report under three segments — North America Steel Group, Europe Steel Group and Emerging Businesses Group.
The altered segmental reporting is expected to better reflect the expansion of the company's solution offerings beyond traditional steel products, as well as the rising relevance of non-steel solutions to CMC's financial results and prospects.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Commercial Metals this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Commercial Metals is +0.23%.
Zacks Rank: Commercial Metals currently carries a Zacks Rank #4 (Sell).
Price Performance
Commercial Metal’s shares have gained 1.2% in the past year compared with the industry’s 34% growth.
Image Source: Zacks Investment Research
Stocks Worth a Look
Here are some stocks, which have the right combination of elements to post an earnings beat in their upcoming releases.
The Zacks Consensus Estimate for CRS’s fiscal second-quarter earnings is pegged at 85 cents per share. The same for revenues stands at around $670 million. CRS has a trailing four-quarter average surprise of 14.3%.
United States Steel Corporation (X - Free Report) is expected to report fourth-quarter 2023 results on Feb 1. The company has an Earnings ESP of +42.05% and flaunts a Zacks Rank of 1 at present.
The Zacks Consensus Estimate for X’s fourth-quarter earnings is pegged at 20 cents per share. The same for revenues stands at $3.9 billion. X has a trailing four-quarter average surprise of 24%.
Koppers Holdings Inc. (KOP - Free Report) is expected to report fourth-quarter 2023 results on Feb 26. The company has an Earnings ESP of +8.33% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for KOP’s fourth-quarter earnings is pegged at 72 cents per share. The same for revenues is pinned at $496 million. It has a trailing four-quarter average surprise of 22.3%.
Image: Bigstock
What's in Store for Commercial Metals (CMC) in Q1 Earnings?
Commercial Metals Company (CMC - Free Report) is scheduled to report first-quarter fiscal 2024 results on Jan 8, before the opening bell.
Q1 Estimates
The Zacks Consensus Estimate for fiscal first-quarter revenues is pegged at $1.9 billion, indicating a 14.6% decline from the prior-year quarter’s reported figure. The same for earnings is pegged at $1.43 per share, implying a 36.2% decline from the year-ago period’s actual.
Commercial Metals Company Price and EPS Surprise
Commercial Metals Company price-eps-surprise | Commercial Metals Company Quote
Q4 Performance
In the last reported quarter, the company’s top line surpassed the Zacks Consensus Estimate, while the bottom line missed the same. Earnings and revenues declined year over year. The company has a trailing four-quarter average earnings surprise of 2.1%.
Key Factors to Consider
The demand for Commercial Metals’ finished steel products in North America has been strong. Downstream bid volumes, which are significant indicators of the construction project pipeline, have been improving and are expected to have led to higher backlog levels. Demand from industrial end markets is also likely to have been stable.
Volumes in Europe are expected to have been impacted by the weak market conditions. A deceleration in construction activity in Poland and weak demand from the industrial sector are expected to have led to a decline in steel product volumes in the first quarter of fiscal 2024.
Our model predicts the average price of consolidated steel products to be $752 per ton, suggesting a 26% year-over-year decline. The average selling price for consolidated downstream products is expected to be 11% lower in the quarter at $625 per ton.
The company announced that commencing with the first quarter of fiscal 2024, it will release its financial results with a realigned reporting structure. It will now report under three segments — North America Steel Group, Europe Steel Group and Emerging Businesses Group.
The altered segmental reporting is expected to better reflect the expansion of the company's solution offerings beyond traditional steel products, as well as the rising relevance of non-steel solutions to CMC's financial results and prospects.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Commercial Metals this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here.
You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Commercial Metals is +0.23%.
Zacks Rank: Commercial Metals currently carries a Zacks Rank #4 (Sell).
Price Performance
Commercial Metal’s shares have gained 1.2% in the past year compared with the industry’s 34% growth.
Image Source: Zacks Investment Research
Stocks Worth a Look
Here are some stocks, which have the right combination of elements to post an earnings beat in their upcoming releases.
Carpenter Technology Corporation (CRS - Free Report) is expected to report second-quarter fiscal 2024 results on Jan 25. The company has an Earnings ESP of +0.59% and sports a Zacks Rank of 1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CRS’s fiscal second-quarter earnings is pegged at 85 cents per share. The same for revenues stands at around $670 million. CRS has a trailing four-quarter average surprise of 14.3%.
United States Steel Corporation (X - Free Report) is expected to report fourth-quarter 2023 results on Feb 1. The company has an Earnings ESP of +42.05% and flaunts a Zacks Rank of 1 at present.
The Zacks Consensus Estimate for X’s fourth-quarter earnings is pegged at 20 cents per share. The same for revenues stands at $3.9 billion. X has a trailing four-quarter average surprise of 24%.
Koppers Holdings Inc. (KOP - Free Report) is expected to report fourth-quarter 2023 results on Feb 26. The company has an Earnings ESP of +8.33% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for KOP’s fourth-quarter earnings is pegged at 72 cents per share. The same for revenues is pinned at $496 million. It has a trailing four-quarter average surprise of 22.3%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.