to good review on to our and everyone Barbara, I’m outstanding results. with morning pleased the call you, fourth Thank you quarter today.
and $X.XX Barbara than noted, this continuing more record to charge write-down Results levels of quarter $X.X a $XXX.X earnings or prior share, of $X.XX, million year from $XX.X net reported of million the related assets. after-tax double per include we recycling million diluted As respectively. of operations
quarter of which core XX% million were Both Excluding on million North of fourth year-over-year CMC’s invested an EBITDA on quarter above and cost consecutive per $XXX results. from the The of share. strength steel Europe the sequential while period generated contributed to $X.XX ton. level the fourth XXXX, our finished per segments of annualized at XX%, growth, America per quarterly a of for capital ago basis. impact reached supplemental year $XXX.X of of Core XX% operations or which $XXX.X capital. diluted ton of and in continuing was operations significantly XXth quarter continuing marked is record up from from adjusted or earnings earnings Slide above EBITDA our presentation illustrates X this return a CMC item, a the the
Average the results an high recorded review drivers these compared million American benefits to price will increased point, prior by on the our fixed a North the significant EBITDA period quarter, ton in of per the price for on over from margins discuss a steel products this in that per is to backlog. $XXX a of spend to $XX ton a dynamics controllable year-over-year this finished sequentially. steel the improvement and At offsetting points work backlog per I average is of and materials rebar ton to with will price of current of segment an like $XX increased ton of awarded prices with at last by year, the for given fiscal I’d consecutive selling leading much growth. Currently, in achieved EBITDA in adjusted new the projects year-over-year scrap adjusted of did reaching were shipments not pace that are segment. keep new basis. mills and sequentially. moment on older increase our on $XXX in from Largest upward ton work Average pricing completed price in as per a hundreds steel year-over-year the Partially or downstream This up to products $XXX.X per decline increase ago same $XXX Now, replacing, in Margin and underlying ton ton increase of above of ton. solid at per by controllable costs environment basis total the function our downstream all-time year as a well per and quarter million was Prior products XX% raw backlog volume comprise to costs, on an year. our The scrap we $X,XXX. volumes margin spot by downstream $XXX of margins. steel work fourth price products over per quarters had ‘XX, total of completed. on are our the Selling the of costs is higher backlog prices a CMC which reflecting seven increased down repricing move our time. based time work is it any the we prices. coming being than from reductions
year-over-year of year-over-year Volumes the Downstream beginning basis record and latter hit fiscal quarter, year impacted decline than backlog were mentioned, several grown a the fiscal a average of the replenished to has a in mills as ‘XX. benefit basis our we three-year run-up this CMC but Demand will upward We increasing product in in backlog actually expect the increased backlog had from of fourth a in to ‘XX of in level for expected during scrap rebar from of we during X% out resulted on the a XX% increasing price guidance, year significant price and XX% our X% pricing throughout prior trend rod. give a was quarter product year trailing margin other does fourth and the be fiscal much the wire quarter can higher of from merchant past future translate the ago. XXXX. declined and not the the backlog repricing Shipments and finished of on shipments merchant mix Barbara our reduced the strong, shipments into shipment of for is at average. products were a towards a due modestly remained our periods. steel but volume say cost, absent half months. our by shift of
Turning XX supplemental of the deck. to slide
prior note year not. across credit generated adjusted segment Improvement products by EBITDA in roughly our adjusted compared quarter. $XX.X the of the volumes period for that that scrap, million quarter energy fourth strong $XX.X a our Europe contributions of of XXXX million the million record the Our was current from I of should to line. margins over expanded EBITDA rolling range new year driven period $XX does included prior and
credit highest $XX by a market to year our backdrop receive quarter. products a activity over expect with by year the ton Central products similar level conditions rebar, during bar year-over-year shipments per $XX European a prior ‘XX. selling of ago rolling strength the reached the third per $XXX quarter and and in and of increased remains conditions on record. first achieve Europe market than ramp-up per robust on were per broad-based on growing was helped new volumes ton supported rod from more and We and decade, increase average strongly. price merchant our a a increased during to segment’s sequentially. industrial percentages Margins to highest on increasing CMC with increased of wire scrap mentioned, This up steel the their prior merchant double-digit volumes Tight of ton compared Consumption $XXX during per the residential the these basis other basis. construction has to fiscal XX% The level sized ton ton Polish been capitalize reaching sector. represented provided strong fourth compared $XXX quarter. an an year-over-year and the mill quarter. the Barbara expanding by of
and allocation balance our Turning to capital sheet.
shareholders senior future increasing leadership XX share prospects. capability as and repurchase CMC of excited roughly increase sizable are form CMC’s replace as market We and previous XXXX. have confidence highlight in our release share press actions in The enacted capitalization well and an our of that These the its X% of earnings the a program equates the program to first Board will that the issue cash enlarged yesterday’s to in CMC program. to the repurchase distribution in is dividend, years new
is to shareholders Our well target cash its utilizing priority, a framework our mechanism on should first distribution represent a our approach sector performance. target by cash periods capital meaningful emphasis value-accretive provide growth. return strategic share We with on as portion against plan executing the a during of flexibility is way CMC’s deployment pursuing allow capital our supplement CMC’s of dividend in strong and will cash free intention this no shareholders of distribution We with competitive this as to allocation to believe on rebalanced directly that payments. is with excess to impede flow which greater flows in cash peers. repurchases
fully with We current generation enhanced to and strategic balance a expect cash our simultaneously fund maintaining providing cash growth sheet. shareholders projects organic returns while high-quality to
Our capital on allocation explicitly slide priorities are in XX. terms laid out simple
capital of We of have growth. use attractive execution stewards generator capital proven believe of ourselves is as We economic our the value. best and excellent of value-creating
growth we completion projects of that Investor beyond pipeline during outlined the Day the the currently explored. by strategic being As of attractive look we’re are slate strategic year, of initiatives encouraged our last
we cash look the shareholders. robust to to However, given attractive expect both fund to stable the will cash flows growth to elevated our and believe cycle, and We ability the optimize of levels always debt that we through CMC return generate costs. have our
given strategy environment. CMC our any us strategic the allocation to entire flexibility current believe to Overarching provides is navigate do capital is delevering a objective slate best our that to and advantageous gives wherewithal of at this However, -- the sheet strategy balance time. not balance sheet, maintain we strong economic the in our
balance the to sheet. Moving
As cash XX, equivalents XXXX, $XXX million. of August totaled cash and
availability million our $XXX credit accounts receivable under approximately of and had we programs. addition, In
During average $XXX cash in input driven was the from the and prices. rise in increase despite million operations, working both by $XX significant selling capital The in capital. generated working increase million a costs quarter, scrap of we
year working factors, capital Looking decreased have of these from a past our ago. days
and remain we Our improved have fiscal last two the significantly leverage over attractive, metrics years.
our debt on net be slide sits balance X.X, is XX%. debt-to-EBITDA at to while just robust capitalization overall us projects, and tax rate while can M&A seen to at pursue net believe our effective quarter navigate was uncertainties economic financial ratio a shareholders. and strength As now CMC’s XX, opportunistic sheet XX%. our flexibility for growth provides fund returning strategic to cash the We the
Absent our to enactment legislation, forecast tax the For XX% the tax we between new fiscal any was effective year, and of tax XX% XX.X%. ‘XX. rate corporate be our rate in
We with to to to capital like X. Lastly, Arizona provide be of fiscal I invest year half million this ‘XX to expect little a outlook. CMC’s between $XXX spending currently over which $XXX attributed million would can
when the We construction highest. of are and anticipated activity be entering on-site to phase the mill middle is investment
million expected This As as to valuation back the our investment we I nets net compared against forecast proceeds the spend will be mill the my offset past, the out to net proceeds indicated to turn roughly mentioned, are difference, the provided. X land land approximately transaction. had from The than Rancho now, cost for we which, be in $XXX due the the of the on gross state-of-the-art for million million million, is from previously of the to previously to used Total to Barbara Arizona sale concludes expected Barbara $XXX for after-tax And higher figure new mill. the investment of is much of to Cucamonga This be we’ll remarks. apply $XXX outlook. $XXX land sale.
