Commercial Metals Company (NYSE:CMC) Q4 2019 Earnings Conference Call - Final Transcript

Oct 23, 2019 • 11:00 am ET


Commercial Metals Company (NYSE:CMC) Q4 2019 Earnings Conference Call - Final Transcript


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Hello, and welcome everyone to the Full Year and Fourth Quarter Fiscal 2019 Earnings Call for Commercial Metals Company. Today's call is being recorded. After the Company's remarks, we will have a question-and-answer session, and we'll have a few instructions at that time.

I would like to remind all participants that during the course of this conference call, the Company will make statements that provide information, other than historical information, and will include expectations regarding economic conditions, effects of legislation, US steel import levels, US construction activity, demand for finished steel products, the Company's future operations, the Company's future results of operations and capital spending. These and other similar statements are considered forward-looking and may involve speculation and are subject to risks and uncertainties that could cause actual results to differ materially from these expectations.

These statements reflect the Company's beliefs based on current conditions, but are subject to certain risks and uncertainties, including those that are described in the Risk Factors section of the Company's latest annual report on Form 10-K. Although these statements are based on management's current expectations and beliefs, CMC offers no assurance that these expectations or beliefs will prove to have been correct and actual results may vary materially.

All statements are made only as of the this date, except as required by law. CMC does not assume any obligation to update, amend or clarify these statements in connection with future events, changes in assumptions, the occurrence of anticipated or unanticipated events, new information, or circumstances or otherwise.

Some numbers presented will be non-GAAP financial measures and reconciliations for such numbers can be found in the Company's earnings release or on the Company's website. Unless stated otherwise, all references made to year or quarter end are references to the Company's fiscal year or fiscal quarter.

And now for opening remarks and instructions -- oh, I'm sorry and introductions, I will turn the call over to the Chairman of the Board, President and Chief Executive Officer of Commercial Metals Company, Ms. Barbara Smith. Please go ahead.

Barbara R. Smith

Thank you. Good morning, and welcome to everyone joining us to review CMC's results for the full year and fourth quarter of fiscal 2019. As we previously announced on August 31st, 2019, Mary Lindsey retired as Chief Financial Officer of Commercial Metals Company. Mary has been with CMC for 10 years, starting as Vice President of Tax and serving most recently as Senior Vice President and Chief Financial Officer. I'd like to thank Mary for her valuable contributions over the years, and I also like to acknowledge the thoughtful and smooth transition of her duties. We wish Mary all the best in the next chapters of her life.

I'm joined today by Paul Lawrence, who assumed[Phonetic] the role of CFO effective September 1st. Paul has worked in the steel industry in numerous financial roles for more than 20 years, with the last three years in financial leadership roles at Commercial Metals. I would also like to acknowledge all those impacted by