CMC EBITDA Jumps 114% to $297.5M; Dividend Raised 11%
CMC posted second quarter net earnings of $93.0 million ($0.83 per share), while core EBITDA rose 114% to $297.5 million with a 14.0% margin. The precast platform generated $33.6 million of adjusted EBITDA and management boosted the quarterly dividend 11% to $0.20 per share.
1. Second Quarter Results
CMC achieved net earnings of $93.0 million, or $0.83 per diluted share, and adjusted earnings of $130.1 million, or $1.16 per diluted share, on net sales of $2.1 billion. Core EBITDA surged 114% year-over-year to $297.5 million, lifting the margin by 610 basis points to 14.0%.
2. Precast Acquisition Integration
Following the December acquisitions of Concrete Pipe and Precast, LLC and Foley Products Company, LLC, the newly acquired precast platform delivered $33.6 million of adjusted EBITDA during the quarter (or $40.3 million excluding a $6.7 million purchase accounting charge). Integration efforts remain on schedule, reinforcing confidence in expected synergies and operational performance.
3. Dividend Increase and Share Buyback
The board approved an 11% increase in the quarterly dividend to $0.20 per share, marking the 246th consecutive dividend payment. During the quarter, CMC repurchased 249,154 shares for $18.3 million, leaving $147.8 million available under the current authorization and maintaining over $1.7 billion in available liquidity.
4. Outlook and Leverage
Bookings and backlog levels across segments underpin a strong 2026 construction season outlook, supported by solid bidding activity and favorable market fundamentals. Net leverage was reduced during the quarter, with management reaffirming its target of reaching 2× within the previously committed timeframe.