Commercial Metals Company announced financial results for its first quarter ended Nov. 30, 2013 . In a release on Jan. 7 , the Company said net earnings for the first quarter were $45.9 million , or $0.39 per diluted share, on net sales of $1.7 billion . This compares to net earnings of $49.7 million , or $0.42 per diluted share, on net sales of $1.7 billion for the three months ended Nov. 30, 2012 . Results for the first quarter of fiscal 2014 included an after- tax gain of $15.5 million ( $0.13 per diluted share) associated with the sale of the Company's wholly owned copper tube manufacturing operation, Howell Metal Company . Results for the first quarter of fiscal 2013 included an after-tax gain of $17.0 million ( $0.14 per diluted share) associated with the sale of the Company's 11 percent ownership investment in Trinecke Zelezarny, a.s., a Czech Republic joint-stock company. Net earnings for this year's first quarter included after-tax LIFO expense of $2.8 million ( $0.02 per diluted share), compared with after-tax LIFO income of $15.2 million ( $0.13 per diluted share) for the first quarter of fiscal 2013, an unfavorable change of $18.0 million ( $0.15 per diluted share). Adjusted operating profit was $90.0 million for the first quarter of fiscal 2014, compared with adjusted operating profit of $90.6 million for the prior year's first quarter and $37.1 million for the sequential quarter. Adjusted EBITDA was $124.3 million for the first quarter of fiscal 2014, compared with adjusted EBITDA of $126.2 million for the prior year's first quarter and $84.5 million for the sequential quarter. The Company's financial position at remained strong with cash and cash equivalents of $515.5 million and total liquidity of $1.2 billion , compared with cash and cash equivalents of $378.8 million and total liquidity of $1.1 billion at Aug. 31, 2013 . Joe Alvarado , Chairman of the Board, President, and CEO, said, "Our results for the first quarter of $0.39 per diluted share are a significant improvement over the fourth quarter ended Aug. 31, 2013 , of $0.03 per diluted share. In addition, all five of our reporting segments were profitable and we continue to see improvement in the results of our International Mill segment. The sale of Howell Metal Company demonstrates our continued focus on core competencies and strengthens our balance sheet." On Jan. 6 , the board of directors of CMC declared a quarterly dividend of $0.12 per share for shareholders of record on Jan. 21 . The dividend will be paid on Feb. 4 . Outlook Alvarado concluded, "We anticipate our second fiscal quarter to be seasonally slower as a result of holiday slowdowns and winter weather conditions, which reduce construction activities. However, many of the economic indicators we highlighted in our prior earnings release for the fiscal fourth quarter of 2013 remain encouraging. The Architecture Billings Index (ABI) in general is strong despite a dip to 49.8 for November 2013 . Likewise, month over month U.S. GDP figures were revised upward for the third calendar quarter and total U.S. construction spending increased 0.8 percent in October 2013 , driven mostly by non-residential construction. Economies in Australia and Europe showed modest improvements during the first quarter of fiscal 2014, but many projects have not yet translated to higher steel shipments. Similar to prior years, we will take advantage of the expected slower business activity during our second fiscal quarter to take planned outages for maintenance and to upgrade equipment." Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, steel fabrication and processing plants, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets. More information: www.cmc.com ((Comments on this story may be sent to firstname.lastname@example.org ))
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