Commercial Metals Company announced financial results for its Q2 ended February 28th 2014. Net earnings attributable to CMC for the Q2 were USD 11.1 million, or USD 0.09 per diluted share, on net sales of USD 1.6 billion.

Results for the three months ended February 28th 2014 included an after tax charge of approximately USD 3 million incurred in connection with the Company's final settlement of the Standard Iron Works v. ArcelorMittal et al. lawsuit. This compares to net earnings attributable to CMC of USD 4.6 million, or USD 0.04 per diluted share on net sales of USD 1.7 billion for the three months ended February 28th 2013.

Results for this year's second quarter included after-tax LIFO expense of USD 12.3 million compared with after tax LIFO income from continuing operations of USD 0.3 million for the Q2 of fiscal 2013, an unfavorable change of USD 12.6 million.

Adjusted operating profit was USD 35.2 million for the Q2 of fiscal 2014 compared with adjusted operating profit of USD 26.7 million for the prior year's second quarter. Adjusted EBITDA was USD 67.9 million for the Q2 of fiscal 2014 compared with adjusted EBITDA of USD 60.1 million for the prior year's Q2.

The Company's financial position at February 28th 2014 remained strong with cash and cash equivalents of USD 431.8 million and approximately USD 1 billion in total liquidity, compared with cash and cash equivalents of USD 378.8 million and total liquidity of USD 1.1 billion at August 31st 2013.

Mr Joe Alvarado chairman of the Board, President and CEO of Commercial Metals Company said that "As expected, results for the second quarter declined due to the impact of normal seasonality, inclement weather conditions particularly in North America and holiday slowdowns. However, we are encouraged by the second quarter results of our Polish operations, which were driven by economic improvements in Poland and surrounding markets. In addition, backlogs in our Americas division as of February 28, 2014 were at record highs."