Commercial Metals Company has announced the Q3 2020 financial results. According to the details, the company has generated a total revenue of $64.2 million in Q3 2020 as compared to the $78.6 Million of the previous quarter. The adjusted earnings of the company from the continuing operations for Q3 2020 were $70.4 million.
The liquidity positions of the company strengthened with the cash and cash equivalents of $462.1 in the Q3 2020. The company reported the adjusted EBITDA loss of $1.7 million in the Q3 2020 as compared to the $12.3 million of the previous quarter. The board of directors of the company declared quarterly dividend of $0.12 per share of CMCM common stock.
Chief Executive Officer and President of the company, Barbara Smith said, “While the effects of the COVID-19 crisis impacted our business throughout the third quarter, CMC acted early and swiftly to ensure the safety of our employees, the continuity of our operations, and the uninterrupted service to our customers.”
“Our entire organization can be proud of these efforts and their results. We were able to keep our workforce fully employed and safe. We also avoided any meaningful disruptions to operations and experienced no loss of productivity, while closely following CDC guidelines at all of our locations,” Barbara Smith added.
“In the face of unprecedented global uncertainty, we concentrated our focus on the elements of our business within our direct control. Because of these efforts, CMC achieved sequential earnings growth while increasing our market share in many products, continuing to reduce our operating costs, and further strengthening our balance sheet,” Babra Smith continued.
“Our success during the quarter underscores several of CMC’s best qualities – a robust business model, focus on providing best-in-class customer service, and commitment to our employees,” Barbara Smith concluded in her statement.