Document

展示物番号 99.1

ニュースリリース

CMCは2024年の第4四半期および通期の業績を報告

•四半期の純利益は10390万ドル、希薄化後1株あたり0.90ドル。年間の純利益は48550万ドル、希薄化後1株あたり4.14ドルです

•第四四半期のコアEBITDAは2億2710万ドルで、コアEBITDAマージンは11.4％です。

•北米の出荷量は安定性を提供するために頑丈な建設活動が行われました。しかし、平均鋼鉄価格の下落によりマージンが圧迫されました。

•TensarはCMCの部門として過去最も利益の上がった四半期を達成し、新興事業グループの調整後EBITDAマージンを四半期に21.7%に引き上げました

•成功したコスト管理策により、ヨーロッパ鋼鉄グループの第四四半期調整後EBITDAは、金属のボリュームが大幅に減少し、マージンも横ばいであるものの、前年同期比で2650万ドル増加しました

•2024年第4四半期と当期の営業活動による現金フローはそれぞれ3億5180万ドルと8億9970万ドルです

•株主へのキャッシュ配当は、2024年の会計年度にシェアの買い戻しと配当の形で26180万ドルに上り、2023年度と比較して48%増加しました。

イーアーヴィング、テキサス州- 2024年10月17日 - コマーシャルメタルズ（NYSE: CMC）は、2024年8月31日に終了した第4四半期の財務結果を発表しました。希薄化後の株式1株あたり10390万ドル、または0.90ドルの純利益で、20億ドルの売上高を達成しました。前年同期の純利益は18420万ドル、または $1.56 希薄化後の株式1株あたり、22億ドルの売上高に対するものでした。

2024会計年度において、CMCは純利益が48550万ドル、希薄化後1株当たり4.14ドルで、純売上高は79億ドルであり、前年度の純利益が85980万ドル、希薄化後1株当たり7.25ドルで、純売上高は88億ドルでした。

「調整後のEBITDA」、「コアEBITDA」、「コアEBITDAマージン」、「調整後の利益」および「調整後の1株あたり希薄化後利益」は非GAAP財務指標です。詳細については、各非GAAP財務指標をGAAPに準拠して準備・提示された最も直接関連する指標に調整した内容は、後続する財務表に記載されています。

ピーター・マット社長兼最高経営責任者は、「2024会計年度は、CMCにとって2年連続の従業員安全記録、109年の歴史上3番目に良い財務結果、いくつかの主要な戦略プロジェクトでの意義ある前進など、ハイライトを含む堅固な年でした。第4四半期には、マクロ経済および政治の不確実性の増加が影響を及ぼしました。歴史的な基準から見て強力であったものの、弱まったセンチメントが鋼鉄製品の価格と利益率に悪影響を及ぼしました。一部の予定された建設プロジェクトは、より明確な見通しが得られるまで中立されると見られています。

(CMC 第 4四半期 2024年度 - 2)

米国の選挙の結果と金利の将来の動向に関する懸念が浮上しています。お客様との対話と継続的な健全なdownstream買気配活動による基盤に留まるインフラ投資、製造業の再国内化、電動化、および米国における慢性的な住宅不足の解消の必要性に基づいて、ニアおよび長期の需要ファンダメンタルズが引き続き強いと考えています。

マット氏は、「2024年中に、私たちは長期戦略計画の重要な構成要素であるTransform、Advance、Grow（TAG）に関する開発で重要な進展を遂げました。それは、企業全体にわたる運用と商業の優れた取り組みで、今後の数年間で実質的な価値創造をサポートすることを期待しています。主に主要市場のリーディングポジションを活かすことを目指す改善プログラムは、ビジネスのほぼすべての側面に関わり、コストを下げ、効率を高め、ビジネス全体にわたる商機をより良く捉えることで、サイクル全体を通じたマージンを高めることを目指しています。初期のいくつかの施策の実行により、2025会計年度に財務上の利益が生まれ始めると考えています。”

会社の貸借対照表と流動性状況は強いままでした。2024年8月31日時点で、現金及び現金同等物は85790万ドルで、ほぼ17億ドルの流動性がありました。四半期中、CMCは、合計5480万ドル相当の普通株式を1,001,096株買い戻しました。2024年8月31日時点で、現在の株の買い戻し権限の下に40380万ドルが残っていました。

2024年10月15日、取締役会は2024年10月31日時点の株主に対してCMCの普通株式1株当たり$0.18の四半期配当を宣言し、前年比で約13%増額となります。2024年11月14日に支払われる配当は、会社による240回連続の四半期支払いとなります。階会社による240回連続の四半期支払い。

ビジネスセグメント - 2024年第4四半期の検証

北米におけるCMC製品の需要は四半期中安定していました。完成鋼製品の平均日中出荷量は、前年や第3四半期と比較してほぼ変わらずでした。潜在的な将来の建設プロジェクトのパイプラインは、CMCの下流入札活動と計画段階に入るプロジェクトの価値を測定するDodge Momentum Indexによって示されるように、健全な状態が維持されていました。入札数量は、歴史的水準と比較して強いものの、2022会計年度と2023会計年度のピークからは減少しています。下流部門のバックログ数量は、前年同期および連続ベースにおいて全体的に安定していました。商用製品（MBQ）の出荷は、我々のアリゾナ2マイクロミル施設から西海岸の顧客にサービスを提供する能力が向上したことを受け、2023会計年度第4四半期と比較して成長しました。

調整後の北米鋼鉄グループのEBITDAは、2024会計年度第4四半期に33680万ドルから21090万ドルに減少しました。収益の減少は、鋼鉄製品および下流製品のスクラップコストに対するマージン低下によるものでした。第4四半期のセグメントの調整後EBITDAには、CMCのアリゾナ2マイクロミルの立ち上げに関連する償却後のコストである1510万ドルが含まれていました。

(CMC第四四半期2024年度-3)

前年期に発生した1230万ドルの費用と比較すると、北アメリカの鋼鉄グループの調整後EBITDAマージンは、2023会計年度第4四半期の19.6％から13.5％に低下しました。

第4四半期のヨーロッパの市況は前期と同様でした。長鋼の消費量は、歴史的水準よりもかなり低いままでした。特定のエンド市場アプリケーションにおけるポーランドの需要の改善と地域別の供給規律の有益な影響は、隣国からの増加した輸入流入によってほぼ相殺されました。これらの隣国は、自国の市場で消費されない製品のアウトレットを求めています。ヨーロッパ鋼鉄グループは、調整後のEBITDAで360万ドルの損失を報告し、遅れていた2023年後半および2024年初頭と比較して財務業績が改善しています。前期比では、財務結果は基本的に横ばいで、出荷量の増加とコントロール可能なコストの低下からのポジティブな寄与が、スクラップに対する1トンあたりの8ドルのマージンの削減によって相殺されました。調整後のEBITDAは、費用管理の対策により、前年の同期比で2650万ドル増加し、18%の出荷量の減少をスクラップに対するマージンの変更なしに克服しました。

Emerging Businesses Group fourth quarter net sales of $195.6 million decreased by 6.2% compared to the prior year period, but improved 3.7% on a sequential basis. Adjusted EBITDA for the segment of $42.5 million was unchanged on a year-over-year basis and increased by 11.2% from the third quarter. Sales mix contributed positively to both year-over-year and sequential adjusted EBITDA performance, with a greater percentage of geogrid volumes composed of CMC’s highest margin proprietary offering, while shipments of Performance Reinforcing Steel also increased. Demand conditions in the North American markets remained resilient during the quarter with pipeline measures such as project quotes and backlog at healthy levels. Adjusted EBITDA margin of 21.7% was up 130 basis points compared to the prior year period.

Outlook

Mr. Matt said, “We expect consolidated financial results in our first quarter of fiscal 2025 to decline from the fourth quarter level as a consequence of continued macroeconomic uncertainty and temporary, dampened sentiment within certain areas of the construction industry. Finished steel shipments within the North America Steel Group are anticipated to follow normal seasonal trends, while adjusted EBITDA margin is expected to decrease on lower steel product margin over scrap cost. Adjusted EBITDA for our Europe Steel Group should experience a meaningful sequential increase, driven by the receipt of an annual CO2 credit that is expected to be within a range of $35 million to $40 million. Underlying financial performance for the Europe Steel Group is likely to remain similar to fourth quarter levels. Financial results for the Emerging Businesses Group are anticipated to decline due to normal seasonality and the impact of economic uncertainty within the United States and Europe.”

Mr. Matt concluded, “We believe current market conditions represent a transient period of softness created by uncertainty regarding important factors that influence any major capital investment – the cost of funding and

(CMC Fourth Quarter Fiscal 2024 - 4)

future government policy. Clarity will emerge in the coming months, and we believe, renewed strength in our core markets will follow.”

Conference Call

CMC invites you to listen to a live broadcast of its fourth quarter fiscal 2024 conference call today, Thursday, October 17, 2024, at 10:00 a.m. ET. Peter Matt, President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."

About CMC

CMC is an innovative solutions provider helping build a stronger, safer, and more sustainable world. Through an extensive manufacturing network principally located in the United States and Central Europe, we offer products and technologies to meet the critical reinforcement needs of the global construction sector. CMC’s solutions support construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial, and energy generation and transmission.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws with respect to general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and growth provided by acquisitions and strategic investments, demand for our products, shipment volumes, metal margins, the ability to operate our steel mills at full capacity, future availability and cost of supplies of raw materials and energy for our operations, growth rates in certain reportable segments, product margins within our Emerging Businesses Group, share repurchases, legal proceedings, construction activity, international trade, the impact of geopolitical conditions, capital expenditures, tax credits, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations, the expected capabilities and benefits of new facilities, the timeline for execution of our growth plan and our expectations or beliefs concerning future events. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.

The Company's forward-looking statements are based on management’s expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as

(CMC Fourth Quarter Fiscal 2024 - 5)

required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2023, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG, environmental justice or regulatory initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global public health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our

(CMC Fourth Quarter Fiscal 2024 - 6)

ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.

(CMC Fourth Quarter Fiscal 2024 - 7)


COMMERCIAL METALS COMPANY AND SUBSIDIARIES FINANCIAL & OPERATING STATISTICS (UNAUDITED)
	Three Months Ended										Year Ended
(in thousands, except per ton amounts)	8/31/2024		5/31/2024		2/29/2024		11/30/2023		8/31/2023		8/31/2024		8/31/2023
North America Steel Group
Net sales to external customers	$	1,559,520	$	1,671,358	$	1,486,202	$	1,592,650	$	1,717,979	$	6,309,730	$	6,704,305
Adjusted EBITDA	210,932		246,304		222,294		266,820		336,843		946,350		1,328,431
Adjusted EBITDA margin	13.5%		14.7%		15.0%		16.8%		19.6%		15.0%		19.8%

External tons shipped
Raw materials	360		371		347		374		344		1,452		1,390
Rebar	522		520		460		522		542		2,024		1,967
Merchant bar and other	237		244		234		230		215		945		942
Steel products	759		764		694		752		757		2,969		2,909
Downstream products	361		371		316		346		387		1,394		1,466

Average selling price per ton
Raw materials	$	866	$	970	$	880	$	783	$	838	$	874	$	840
Steel products	843		891		905		892		932		882		977
Downstream products	1,311		1,330		1,358		1,389		1,428		1,346		1,425

Cost of raw materials per ton	$	664	$	717	$	658	$	578	$	606	$	654	$	615
Cost of ferrous scrap utilized per ton	$	321	$	353	$	379	$	343	$	338	$	348	$	349

Steel products metal margin per ton	$	522	$	538	$	526	$	549	$	594	$	534	$	628

Europe Steel Group
Net sales to external customers	$	222,085	$	208,806	$	192,500	$	225,175	$	273,961	$	848,566	$	1,328,791
Adjusted EBITDA	(3,622)		(4,192)		(8,611)		38,942		(30,081)		22,517		48,473
Adjusted EBITDA margin	(1.6)%		(2.0)%		(4.5)%		17.3%		(11.0)%		2.7%		3.6%

External tons shipped
Rebar	98		80		64		122		151		364		684
Merchant bar and other	221		217		211		221		238		870		1,043
Steel products	319		297		275		343		389		1,234		1,727

Average selling price per ton
Steel products	$	667	$	681	$	673	$	633	$	682	$	663	$	749

Cost of ferrous scrap utilized per ton	$	383	$	389	$	394	$	365	$	398	$	383	$	395

Steel products metal margin per ton	$	284	$	292	$	279	$	268	$	284	$	280	$	354

Emerging Businesses Group
Net sales to external customers	$	195,571	$	188,593	$	155,994	$	177,239	$	208,559	$	717,397	$	721,746
Adjusted EBITDA	42,519		38,220		17,929		30,862		42,612		129,530		138,985
Adjusted EBITDA margin	21.7%		20.3%		11.5%		17.4%		20.4%		18.1%		19.3%

(CMC Fourth Quarter Fiscal 2024 - 8)


COMMERCIAL METALS COMPANY AND SUBSIDIARIES BUSINESS SEGMENTS (UNAUDITED)
	Three Months Ended										Year Ended
(in thousands)	8/31/2024		5/31/2024		2/29/2024		11/30/2023		8/31/2023		8/31/2024		8/31/2023
Net sales to external customers
North America Steel Group	$	1,559,520	$	1,671,358	$	1,486,202	$	1,592,650	$	1,717,979	$	6,309,730	$	6,704,305
Europe Steel Group	222,085		208,806		192,500		225,175		273,961		848,566		1,328,791
Emerging Businesses Group	195,571		188,593		155,994		177,239		208,559		717,397		721,746
Corporate and Other	18,973		9,728		13,591		7,987		8,729		50,279		44,691
Total net sales to external customers	$	1,996,149	$	2,078,485	$	1,848,287	$	2,003,051	$	2,209,228	$	7,925,972	$	8,799,533

Adjusted EBITDA
North America Steel Group	$	210,932	$	246,304	$	222,294	$	266,820	$	336,843	$	946,350	$	1,328,431
Europe Steel Group	(3,622)		(4,192)		(8,611)		38,942		(30,081)		22,517		48,473
Emerging Businesses Group	42,519		38,220		17,929		30,862		42,612		129,530		138,985
Corporate and Other	(25,189)		(37,070)		(34,512)		(30,987)		(38,171)		(127,758)		(131,185)
Total adjusted EBITDA	$	224,640	$	243,262	$	197,100	$	305,637	$	311,203	$	970,639	$	1,384,704

(CMC Fourth Quarter Fiscal 2024 - 9)


COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
	Three Months Ended August 31,				Year Ended August 31,
(in thousands, except share and per share data)	2024		2023		2024		2023
Net sales	$	1,996,149	$	2,209,228	$	7,925,972	$	8,799,533
Costs and operating expenses:
Cost of goods sold	1,673,087		1,784,142		6,567,287		6,987,618
Selling, general and administrative expenses	170,612		175,185		668,413		646,041
Interest expense	12,142		8,259		47,893		40,127
Asset impairments	6,558		3,734		6,708		3,780


Net costs and operating expenses	1,862,399		1,971,320		7,290,301		7,677,566
Earnings before income taxes	133,750		237,908		635,671		1,121,967
Income taxes	29,819		53,742		150,180		262,207
Net earnings	$	103,931	$	184,166	$	485,491	$	859,760

Earnings per share:
Basic	$	0.91	$	1.58	$	4.19	$	7.34
Diluted	0.90		1.56		4.14		7.25

Cash dividends per share	$	0.18	$	0.16	$	0.68	$	0.64
Average basic shares outstanding	114,703,599		116,725,241		115,844,977		117,077,703
Average diluted shares outstanding	115,931,570		118,218,222		117,152,552		118,606,271

(CMC Fourth Quarter Fiscal 2024 - 10)


COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share data)	August 31, 2024		August 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	857,922	$	592,332

Accounts receivable (less allowance for doubtful accounts of $3,494 and $4,135)	1,158,946		1,240,217
Inventories	971,755		1,035,582
Prepaid and other current assets	285,489		276,024
Assets held for sale	18,656		—
Total current assets	3,292,768		3,144,155
Property, plant and equipment:
Land	165,674		160,067
Buildings and improvements	1,166,788		1,071,102
Equipment	3,317,537		3,089,007
Construction in process	261,321		213,651
	4,911,320		4,533,827
Less accumulated depreciation and amortization	(2,334,184)		(2,124,467)
Property, plant and equipment, net	2,577,136		2,409,360
Intangible assets, net	234,869		259,161
Goodwill	385,630		385,821
Other noncurrent assets	327,436		440,597
Total assets	$	6,817,839	$	6,639,094
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	350,550	$	364,390
Accrued expenses and other payables	445,514		438,811
Current maturities of long-term debt and short-term borrowings	38,786		40,513
Total current liabilities	834,850		843,714
Deferred income taxes	276,908		306,801
Other noncurrent liabilities	255,222		253,181
Long-term debt	1,150,835		1,114,284
Total liabilities	2,517,815		2,517,980
Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 114,104,057 and 116,515,427 shares	1,290		1,290
Additional paid-in capital	407,232		394,672
Accumulated other comprehensive loss	(85,952)		(3,778)
Retained earnings	4,503,885		4,097,262
Less treasury stock, 14,956,607 and 12,545,237 shares at cost	(526,679)		(368,573)
Stockholders' equity	4,299,776		4,120,873
Stockholders' equity attributable to non-controlling interests	248		241
Total stockholders' equity	4,300,024		4,121,114
Total liabilities and stockholders' equity	$	6,817,839	$	6,639,094

(CMC Fourth Quarter Fiscal 2024 - 11)


COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Year Ended August 31,
(in thousands)	2024		2023
Cash flows from (used by) operating activities:
Net earnings	$	485,491	$	859,760
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	280,367		218,830
Stock-based compensation	45,066		60,529
Deferred income taxes and other long-term taxes	(15,319)		51,919
Write-down of inventory	5,098		11,286
Asset impairments	6,708		3,780
Net loss on sales of assets	3,321		2,327
Loss on debt extinguishment	11		179
Other	2,745		4,471

Settlement of New Markets Tax Credit transactions	(6,748)		(17,659)






Changes in operating assets and liabilities, net of acquisitions	92,968		148,681
Net cash flows from operating activities	899,708		1,344,103
Cash flows from (used by) investing activities:
Capital expenditures	(324,271)		(606,665)
Acquisitions, net of cash acquired	—		(234,717)
Proceeds from government grants related to property, plant and equipment	—		5,000


Other	1,269		1,155



Net cash flows used by investing activities	(323,002)		(835,227)
Cash flows from (used by) financing activities:

Repayments of long-term debt	(36,346)		(389,756)
Debt issuance and extinguishment	—		(1,897)

Proceeds from accounts receivable facilities	175,322		330,061
Repayments under accounts receivable facilities	(183,347)		(349,015)
Treasury stock acquired	(182,932)		(101,406)
Tax withholdings related to share settlements, net of purchase plans	(7,595)		(12,539)
Dividends	(78,868)		(74,936)
Contribution from non-controlling interest	7		9
Net cash flows used by financing activities	(313,759)		(599,479)
Effect of exchange rate changes on cash	891		7,077
Increase (decrease) in cash, restricted cash, and cash equivalents	263,838		(83,526)
Cash, restricted cash and cash equivalents at beginning of period	595,717		679,243
Cash, restricted cash and cash equivalents at end of period	$	859,555	$	595,717

Supplemental information:
Cash paid for income taxes	$	158,455	$	199,883
Cash paid for interest	49,463		64,431




Cash and cash equivalents	$	857,922	$	592,332
Restricted cash	1,633		3,385
Total cash, restricted cash and cash equivalents	$	859,555	$	595,717

(CMC Fourth Quarter Fiscal 2024 - 12)

COMMERCIAL METALS COMPANY

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release contains financial measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measure are provided below.

Adjusted EBITDA, core EBITDA, core EBITDA margin and adjusted earnings are non-GAAP financial measures. Adjusted earnings per diluted share is defined as adjusted earnings on a diluted per share basis. Core EBITDA margin is defined as core EBITDA divided by net sales. The adjustment “Settlement of New Markets Tax Credit transactions” represents the recognition of deferred revenue from 2016 and 2017 resulting from the Company’s participation in the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 during the development of a micro mill, spooler and T-post shop located in eligible zones as determined by the Internal Revenue Service. In prior periods, the Company included within the

definition of core EBITDA, core EBITDA margin, adjusted earnings and adjusted earnings per diluted share an adjustment for “Mill operational commissioning costs” related to the Company’s third micro mill, which was placed into service during the fourth quarter of fiscal 2023. Periods commencing subsequent to February 29, 2024 no longer include an adjustment for mill operational commissioning costs. Accordingly, the Company has recast core EBITDA, core EBITDA margin, adjusted earnings and adjusted earnings per diluted share for all prior periods to conform to this presentation.

Non-GAAP financial measures should be viewed in addition to, and not as alternatives for, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance and set target benchmarks for annual and long-term cash incentive performance plans.

A reconciliation of net earnings to adjusted EBITDA and core EBITDA is provided below:


	Three Months Ended										Year Ended
(in thousands)	8/31/2024		5/31/2024		2/29/2024		11/30/2023		8/31/2023		8/31/2024		8/31/2023
Net earnings	$	103,931	$	119,440	$	85,847	$	176,273	$	184,166	$	485,491	$	859,760
Interest expense	12,142		12,117		11,878		11,756		8,259		47,893		40,127
Income taxes	29,819		40,867		31,072		48,422		53,742		150,180		262,207
Depreciation and amortization	72,190		70,692		68,299		69,186		61,302		280,367		218,830
Asset impairments	6,558		146		4		—		3,734		6,708		3,780

Adjusted EBITDA	224,640		243,262		197,100		305,637		311,203		970,639		1,384,704
Non-cash equity compensation	9,173		12,846		14,988		8,059		16,529		45,066		60,529
Settlement of New Markets Tax Credit transactions	(6,748)		—		—		—		—		(6,748)		(17,659)







Core EBITDA	$	227,065	$	256,108	$	212,088	$	313,696	$	327,732	$	1,008,957	$	1,427,574

Net sales	$	1,996,149	$	2,078,485	$	1,848,287	$	2,003,051	$	2,209,228	$	7,925,972	$	8,799,533

Core EBITDA margin	11.4%		12.3%		11.5%		15.7%		14.8%		12.7%		16.2%

(CMC Fourth Quarter Fiscal 2024 - 13)

A reconciliation of net earnings to adjusted earnings is provided below:


	Three Months Ended										Year Ended
(in thousands, except per share data)	8/31/2024		5/31/2024		2/29/2024		11/30/2023		8/31/2023		8/31/2024		8/31/2023
Net earnings	$	103,931	$	119,440	$	85,847	$	176,273	$	184,166	$	485,491	$	859,760
Asset impairments	6,558		146		4		—		3,734		6,708		3,780
Settlement of New Markets Tax Credit transactions	(6,748)		—		—		—		—		(6,748)		(17,659)







Total adjustments (pre-tax)	$	(190)	$	146	$	4	$	—	$	3,734	$	(40)	$	(13,879)



Related tax effects on adjustments	40		(31)		(1)		—		(784)		8		2,915

Adjusted earnings	$	103,781	$	119,555	$	85,850	$	176,273	$	187,116	$	485,459	$	848,796

Net earnings per diluted share	$	0.90	$	1.02	$	0.73	$	1.49	$	1.56	$	4.14	$	7.25
Adjusted earnings per diluted share	$	0.90	$	1.02	$	0.73	$	1.49	$	1.58	$	4.14	$	7.16

Media Contact:

Susan Gerber

(214) 689-4300