EX-99.1 2 cmc-08312024xearningsrelea.htm EX-99.1 Document

展示品编号99.1
新闻公告 cmc-logo_rgbxprimaryx300pxa.jpg


CMC公布2024年第四季度和全年财报结果

•第四季度净收益为10390万美元，每股稀释收益为0.90美元；年度净收益为48550万美元，每股稀释收益为4.14美元
•第四季度核心EBITDA达22710万美元；核心EBITDA利润率为11.4%
•在北美地区，稳定的施工活动为出货量提供了稳定性；平均钢铁价格下跌导致利润受压
•Tensar作为CMC的一部门，在第四季实现迄今最具盈利能力的季度，将新兴业务集团调整后EBITDA利润率提高到21.7%。
•成功的成本管理措施使欧洲钢铁集团第四季度调整后的EBITDA在全年比较上提高了2650万美元，尽管产量大幅下降且金属利润率持平
•2024年第四季及财政年度分别从营运活动中产生了35180万美元和89970万美元的强劲现金流。
•现金分配给股东的形式为购回和分红派息，在2024财政年度达到26180万美元，较2023财政年度增加48%


德克萨斯州厄文 - 2024年10月17日 美国工商五金公司（纽交所：CMC）今日宣布截至2024年8月31日的财政第四季度财务业绩。净收入为10390万美元，每股稀释收益为0.90美元，销售净额为20亿美元，较去年同期的净收入18420万美元，每股稀释收益为。 $1.56 每股稀释收益为，销售净额为22亿美元。

截至2024财政年度全年，CMC 公布每股稀释盈利为4.14美元，净销售额达到79亿美元，较去年相比每股稀释盈利85980万美元，对应每股7.25美元，净销售额为88亿美元。

"调整后的息税前盈余（Adjusted EBITDA）"、"核心息税前盈余（core EBITDA）"、"核心息税前盈余率（core EBITDA margin）"、"调整后收益（adjusted earnings）"和"每股摊薄调整后收益（adjusted earnings per diluted share）"为非通用会计原则（non-GAAP）的财务指标。详细资料，包括将每项非通用会计原则财务指标与根据通用会计原则编制和呈现的最直接可比财务指标进行调和的相关内容，可在以下的财务表格中找到。

彼得·马特，总裁兼首席执行官，表示：“2024财政年度对于钢铁公司来说是又一个稳健的一年，亮点包括美国钢铁公司连续第二年创纪录的员工安全表现、109年历史中排名第三的财务业绩，以及在几个关键战略项目上取得的重大进展。第四季度，我们感受到宏观经济和政治不确定性增加的影响。尽管从历史角度来看属于强劲，但我们的财务业绩受到较弱观感的影响，使钢铁产品定价和利润受到负面影响。某些拟定的施工项目似乎因欠缺更大明朗度而被裁定暂缓进行”


(CMC 2024财年第四季 - 2)

关于利率期货未来走势和美国选举结果的疑虑逐渐浮现。我们认为，基于与客户的对话以及制造业回流、电气化和美国慢性住房短缺问题的必要性所支持的基础近期和长期需求基本面依然强劲，制造行业结构性趋势提振了持续健康的下游买盘活动。

Matt先生补充道:「在2024年，我们在长期战略计划的核心组件—转型、进步、成长 (TAG)方面取得了重大进展，这是一项全面企业运营和商业卓越计划—我们希望这将在未来几年支持大量价值创造。这项改进计划旨在发挥我们在大多数核心市场的领先地位，触及几乎我们业务的每个方面，旨在通过降低成本、提高效率，以及更好捕捉我们业务中的商机，实现透过周期边际的上升。我们相信，几个早期倡议的执行将开始在2025财政年度产生财务收益。」”

公司的资产负债表和流动性状况保持强劲。截至2024年8月31日，现金及现金等价物总额为$85790万，可用流动资金近17亿美元。本季度，CMC回购了1,001,096股普通股，总价值为5480万美元。截至2024年8月31日，当前股份回购授权下仍有40380万美元可用。

2024年10月15日，董事会宣布每股CMC普通股季度股息为0.18美元，支付对象为2024年10月31日记录的股东，较往年同期增长约13%。预计于2024年11月14日支付的股息标志著公司连续支付的第240期股息。日 公司连续支配的第240季度分割付款。

业务部门-2024财年第四季度回顾
CMC在北美的产品需求在本季保持稳定。 成品钢产品的平均日发货量与去年同期和第三季度相比几乎没有变化。 潜在未来项目的建筑施工管线保持健康，这一点可从CMC的下游买盘活动和道奇动力指数看出，后者衡量进入计划阶段的项目价值。 尽管买盘量与历史水平相比强劲，但与2022和2023财年的高峰相比已有所下降。 下游积压量在年度和按季的基础上基本保持稳定。 跟2023财年第四季相比，商用产品（MBQ）的发货量有所增长，因为我们通过亚利桑那2微型工厂为西海岸客户提供服务的能力得到提高。

北美钢铁集团的调整后EBITDA从2024财年第四季的33680万美元下降至21090万美元。收益减少是因为钢铁产品和下游产品的边际低于废钢成本。第四季段调整后EBITDA包括CMC亚利桑那2微型厂投产相关的1510万美元成本，扣除折旧。


(CMC 2024年第四季度 - 3)

相较于上一年度$1230万的成本。北美钢铁集团的调整后EBITDA利润率为13.5%，较2023财年第四季的19.6%有所下降。

欧洲市场条件在第四季度与上一季度相似。钢材长料消耗量仍大幅低于历史水平。波兰需求在某些终端市场应用方面提升的正面影响以及区域供应纪律，大部分被来自邻国的增加进口量抵销，这些国家寻找了一个出口产品的途径，以便处理未在本国市场消耗的产品。欧洲钢铁集团报告了360万美元的调整后EBITDA亏损，延续了相对于2023年底和2024年初的财务表现改善趋势。从序列角度而言，财务结果基本持平，由于出货量增加和可控成本降低带来的正面贡献被每吨减少8美元的毛利率所抵销。调整后EBITDA从前一年同期增加了2650万美元，完全是由成本管理行动推动，这些行动克服了出货量下降18%，而毛利率与前一年同期相比毫无变化。

新兴业务集团第四季度净销售额为19560万美元，与去年同期相比下降了6.2%，但按季度顺序提高了3.7%。该部门的调整后EBITDA为4250万美元，与去年同期持平，并较第三季度增长了11.2%。销售组合对年度和季度调整后的EBITDA表现均产生了积极影响，CMC的最高利润专有产品占比更大，同时Performance Reinforcing Steel的发货量也增加。北美市场的需求状况在本季度保持弹性，项目报价和积压量等管道措施处于健康水平。相比于去年同期，调整后的EBITDA利润率为21.7%，提高了130个基点。

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 EndedYear Ended
(in thousands, except per ton amounts)8/31/20245/31/20242/29/202411/30/20238/31/20238/31/20248/31/2023
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 EBITDA210,932 246,304 222,294 266,820 336,843 946,350 1,328,431 
Adjusted EBITDA margin13.5%14.7%15.0%16.8%19.6%15.0%19.8%
External tons shipped
Raw materials3603713473743441,452 1,390 
Rebar5225204605225422,024 1,967 
Merchant bar and other237244234230215945 942 
Steel products7597646947527572,969 2,909 
Downstream products3613713163463871,394 1,466 
Average selling price per ton
Raw materials$866$970$880$783$838$874 $840 
Steel products843891905892932882 977 
Downstream products1,3111,3301,3581,3891,4281,346 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
Rebar988064122151364 684 
Merchant bar and other221217211221238870 1,043 
Steel products3192972753433891,234 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 EBITDA42,51938,22017,92930,86242,612129,530138,985
Adjusted EBITDA margin21.7%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 EndedYear Ended
(in thousands)8/31/20245/31/20242/29/202411/30/20238/31/20238/31/20248/31/2023
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 Group222,085 208,806 192,500 225,175 273,961 848,566 1,328,791 
Emerging Businesses Group195,571 188,593 155,994 177,239 208,559 717,397 721,746 
Corporate and Other18,973 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 Group42,519 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)2024202320242023
Net sales$1,996,149 $2,209,228 $7,925,972 $8,799,533 
Costs and operating expenses: 
Cost of goods sold1,673,087 1,784,142 6,567,287 6,987,618 
Selling, general and administrative expenses170,612 175,185 668,413 646,041 
Interest expense12,142 8,259 47,893 40,127 
Asset impairments6,558 3,734 6,708 3,780 
Net costs and operating expenses1,862,399 1,971,320 7,290,301 7,677,566 
Earnings before income taxes133,750 237,908 635,671 1,121,967 
Income taxes29,819 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 
Diluted0.90 1.56 4.14 7.25 
Cash dividends per share$0.18 $0.16 $0.68 $0.64 
Average basic shares outstanding114,703,599 116,725,241 115,844,977 117,077,703 
Average diluted shares outstanding115,931,570 118,218,222 117,152,552 118,606,271 
 



(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, 2024August 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 
Inventories971,755 1,035,582 
Prepaid and other current assets285,489 276,024 
Assets held for sale18,656 — 
Total current assets3,292,768 3,144,155 
Property, plant and equipment:
Land165,674 160,067 
Buildings and improvements1,166,788 1,071,102 
Equipment3,317,537 3,089,007 
Construction in process261,321 213,651 
4,911,320 4,533,827 
Less accumulated depreciation and amortization(2,334,184)(2,124,467)
Property, plant and equipment, net2,577,136 2,409,360 
Intangible assets, net234,869 259,161 
Goodwill385,630 385,821 
Other noncurrent assets327,436 440,597 
Total assets$6,817,839 $6,639,094 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$350,550 $364,390 
Accrued expenses and other payables445,514 438,811 
Current maturities of long-term debt and short-term borrowings38,786 40,513 
Total current liabilities834,850 843,714 
Deferred income taxes276,908 306,801 
Other noncurrent liabilities255,222 253,181 
Long-term debt1,150,835 1,114,284 
Total liabilities2,517,815 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 capital407,232 394,672 
Accumulated other comprehensive loss(85,952)(3,778)
Retained earnings4,503,885 4,097,262 
Less treasury stock, 14,956,607 and 12,545,237 shares at cost
(526,679)(368,573)
Stockholders' equity4,299,776 4,120,873 
Stockholders' equity attributable to non-controlling interests248 241 
Total stockholders' equity4,300,024 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)20242023
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 amortization280,367 218,830 
Stock-based compensation45,066 60,529 
Deferred income taxes and other long-term taxes(15,319)51,919 
Write-down of inventory5,098 11,286 
Asset impairments6,708 3,780 
Net loss on sales of assets3,321 2,327 
Loss on debt extinguishment11 179 
Other2,745 4,471 
Settlement of New Markets Tax Credit transactions(6,748)(17,659)
Changes in operating assets and liabilities, net of acquisitions92,968 148,681 
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 
Other1,269 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 facilities175,322 330,061 
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 interest7 9 
Net cash flows used by financing activities
(313,759)(599,479)
Effect of exchange rate changes on cash891 7,077 
Increase (decrease) in cash, restricted cash, and cash equivalents
263,838 (83,526)
Cash, restricted cash and cash equivalents at beginning of period595,717 679,243 
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 interest49,463 64,431 
Cash and cash equivalents$857,922 $592,332 
Restricted cash1,633 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 EndedYear Ended
(in thousands)8/31/20245/31/20242/29/202411/30/20238/31/20238/31/20248/31/2023
Net earnings$103,931 $119,440 $85,847 $176,273 $184,166 $485,491 $859,760 
Interest expense12,142 12,117 11,878 11,756 8,259 47,893 40,127 
Income taxes29,819 40,867 31,072 48,422 53,742 150,180 262,207 
Depreciation and amortization72,190 70,692 68,299 69,186 61,302 280,367 218,830 
Asset impairments6,558 146 4 — 3,734 6,708 3,780 
Adjusted EBITDA224,640 243,262 197,100 305,637 311,203 970,639 1,384,704 
Non-cash equity compensation9,173 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 margin11.4%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 EndedYear Ended
(in thousands, except per share data)8/31/20245/31/20242/29/202411/30/20238/31/20238/31/20248/31/2023
Net earnings$103,931 $119,440 $85,847 $176,273 $184,166 $485,491 $859,760 
Asset impairments6,558 146 4 — 3,734 6,708 3,780 
Settlement of New Markets Tax Credit transactions(6,748)— — — — (6,748)(17,659)
Total adjustments (pre-tax)$(190)$146 $4 $— $3,734 $(40)$(13,879)
Related tax effects on adjustments40 (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