CMC(US:CMC)2023-01-08 16:00Financial Performance - Net sales for the three months ended November 30, 2022, increased by $245.5 million, or 12%, compared to the corresponding period, driven by higher average selling prices of steel products and increased shipments in North America and Europe [127]. - Adjusted EBITDA for the three months ended November 30, 2022, was $402.736 million, compared to $314.022 million in the corresponding period, reflecting an increase of approximately 28% [138]. - Net sales from external customers totaled $2.227 billion for the three months ended November 30, 2022, with North America contributing $1.817 billion and Europe $406.5 million [140]. Acquisitions - The acquired Tensar operations contributed $61.6 million in net sales during the three months ended November 30, 2022, with no such activity in the corresponding period [127]. Profitability - The metal margin for steel products increased to $695 per ton for the three months ended November 30, 2022, compared to $548 per ton in the corresponding period, indicating improved profitability despite fluctuating input costs [132]. - Corporate and Other reported an adjusted EBITDA loss of $39.7 million for the three months ended November 30, 2022, compared to a loss of $34.3 million in the corresponding period [134]. Taxation - The effective income tax rate for the three months ended November 30, 2022, was 22.7%, up from 11.0% in the corresponding period, primarily due to a non-recurring tax benefit recognized in the prior year [130]. Currency Impact - The company experienced an unfavorable foreign currency translation adjustment of $79.6 million due to the strengthening of the U.S. dollar against the Polish zloty [133]. Assets and Investments - Total assets as of November 30, 2022, were $6.274 billion, reflecting an increase from $6.237 billion as of August 31, 2022 [138]. - The company’s optimized cost structure and historical investments in operations supported rising shipment levels, allowing competitive pricing of steel products [133].