Commercial Metals Analysts Slash Their Forecasts After Q2 Results

Commercial Metals Co. (NYSE: CMC) reported fiscal Q2 adjusted earnings of $1.16 per diluted share, missing estimates of $1.30, while sales of $2.132 billion exceeded expectations of $2.091 billion. Net earnings were $93 million, or 83 cents per diluted share, compared to $25.5 million, or 22 cents per diluted share, a year earlier. Following the earnings announcement, analysts at Wells Fargo and JP Morgan lowered their price targets from $80 to $77 and from $85 to $83, respectively. CMC shares fell 1.5% to $58.60 on Friday.