“The first quarter marked the best financial performance from our strategically repositioned portfolio of operations. This milestone reflects the continued health of the U.S. non-residential construction sector, which contributed to strong performances in our Americas mills and fabrication segments,” said chairman and chief executive Barbara Smith.

For the quarter ending 30 November 2019, the company reported net earnings of US$83.3 million, or 70 cents per diluted share, on net sales of US$1.38 billion. In the same quarter during the prior year, it recorded net earnings of US$19.7 million, or 17 cents per diluted share, on net sales of US$1.28 billion.

At the same time, first-quarter shipments from its U.S. mills rose 42% to 1.2 million tons, reflecting a full quarter of activity at the former Gerdau facilities.

During the company’s quarterly earnings call, Smith told analysts that with those mills now fully integrated in CMC and its new micro-mill on-line and producing new products, the company is positioned to reap the benefits of a healthy construction market.

She said the outlook appears to show continued strength, as U.S. construction spending continues to grow year-over-year and as the Architectural Billings Index remains supportive of future growth.

“U.S. unemployment rates and interest rates remain historically low, contributing to positive sentiment within our markets and giving customer’s confidence to make investment decisions,” she said. “Finally, our own bidding activity remains strong, offering encouragement that the pipeline of work is solid.”