$20 million manufacturing facility coming to Muhlenberg County
MUHLENBERG, Ky. (WEHT) — In Muhlenberg County, Kentucky Governor Andy Beshear helped to break ground on a new manufacturing facility Friday afternoon. Biomass Engineering and Equipment is the first to locate in the Paradise Regional Industrial Park, building a new $20 million facility.
Biomass Engineering and Equipment's new addition will be a 85,000 square foot facility. Dane Floyd, the CEO of BE&E, says the company produces equipment used for bulk handling in agriculture and recycling. For example, wood products like wood chips and lumber.
The Indiana-based company says the start of their Kentucky expansion will create 250 full-time jobs locally.
Crews on scene of water rescue in Evansville by: Andrew Newland
'We try to take good care of people, but it's also the fall down effect of all of the vendors and suppliers. They're going to get business from us. Everyday there's trucks of steel, trucks of plastic and supplies,' says Floyd of BE&E.
Governor Andy Beshear, BE&E employees and county officials picked up their shovels to celebrate the start of construction…hoping to have the state-of-the-art facility complete in less than a year.
Statistics show manufacturing makes up 18 percent of the state's overall economy, bringing in $36.9 billion last year.
Officials say that statistic means those new jobs will be able to withstand the test of time.
'We beat out other states yet again. Things have been really looking up at Kentucky. Hearing great feedback about speed to market, and we're going to get them up and running faster than anywhere else. They're excited about the workforce here in Muhlenberg county and the surrounding counties. It's just a great testament,' says Governor Beshear.
Even more so, the project is the first to be placed on Paradise Industrial Park's 600 acres.
The park's land was bought in 2002 and is a part of a 5-county partnership, uniting Muhlenberg, Daviess, Hopkins, McLean and Ohio counties.
They'll continue working together to attract large companies to their rural communities.
'A win for an adjacent county isn't a loss for the other. Knowing that our people drive county to county to go to work, working together to bring in as many of these opportunities it's special. It's helping us get these wins,' says Governor Beshear.
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COMMERCIAL METALS COMPANY AND SUBSIDIARIES FINANCIAL & OPERATING STATISTICS (UNAUDITED) Three Months EndedNine Months Ended (in thousands, except per ton amounts)5/31/20252/28/202511/30/20248/31/20245/31/20245/31/20255/31/2024 North America Steel Group Net sales to external customers$ 1,562,286$ 1,386,848$ 1,518,637$ 1,559,520$ 1,671,358$ 4,467,771$ 4,750,210 Adjusted EBITDA185,984128,818188,205210,932246,304503,007735,418 Adjusted EBITDA margin11.9 %9.3 %12.4 %13.5 %14.7 %11.3 %15.5 %External tons shipped Raw materials3853123393603711,0361,092 Rebar5345035495225201,5861,502 Merchant bar and other264243241237244748708 Steel products7987467907597642,3342,210 Downstream products3552983563613711,0091,033Average selling price per ton Raw materials$ 809$ 956$ 874$ 866$ 970$ 875$ 877 Steel products859814812843891829896 Downstream products1,2121,2211,2591,3111,3301,2311,358Cost of raw materials per ton$ 617$ 713$ 677$ 664$ 717$ 665$ 651 Cost of ferrous scrap utilized per ton$ 360$ 338$ 323$ 321$ 353$ 340$ 358Steel products metal margin per ton$ 499$ 476$ 489$ 522$ 538$ 489$ 538Europe Steel Group Net sales to external customers$ 247,590$ 198,029$ 209,407$ 222,085$ 208,806$ 655,026$ 626,481 Adjusted EBITDA3,59375225,839(3,622)(4,192)30,18426,139 Adjusted EBITDA margin1.5 %0.4 %12.3 %(1.6) %(2.0) %4.6 %4.2 %External tons shipped Rebar881001079880295266 Merchant bar and other271210206221217687649 Steel products359310313319297982915Average selling price per ton Steel products$ 663$ 612$ 639$ 667$ 681$ 639$ 661Cost of ferrous scrap utilized per ton$ 370$ 337$ 370$ 383$ 389$ 360$ 383Steel products metal margin per ton$ 293$ 275$ 269$ 284$ 292$ 279$ 278Emerging Businesses Group Net sales to external customers$ 197,454$ 158,864$ 169,415$ 195,571$ 188,593$ 525,733$ 521,826 Adjusted EBITDA40,91223,51922,66042,51938,22087,09187,011 Adjusted EBITDA margin20.7 %14.8 %13.4 %21.7 %20.3 %16.6 %16.7 % COMMERCIAL METALS COMPANY AND SUBSIDIARIES BUSINESS SEGMENTS (UNAUDITED) Three Months EndedNine Months Ended (in thousands)5/31/20252/28/202511/30/20248/31/20245/31/20245/31/20255/31/2024 Net sales to external customers North America Steel Group$ 1,562,286$ 1,386,848$ 1,518,637$ 1,559,520$ 1,671,358$ 4,467,771$ 4,750,210 Europe Steel Group247,590198,029209,407222,085208,806655,026626,481 Emerging Businesses Group197,454158,864169,415195,571188,593525,733521,826 Corporate and Other12,65410,63512,14318,9739,72835,43231,306 Total net sales to external customers$ 2,019,984$ 1,754,376$ 1,909,602$ 1,996,149$ 2,078,485$ 5,683,962$ 5,929,823Adjusted EBITDA North America Steel Group$ 185,984$ 128,818$ 188,205$ 210,932$ 246,304$ 503,007$ 735,418 Europe Steel Group3,59375225,839(3,622)(4,192)30,18426,139 Emerging Businesses Group40,91223,51922,66042,51938,22087,09187,011 Corporate and Other(36,952)(34,852)(386,245)(25,189)(37,070)(458,049)(102,569) Total adjusted EBITDA$ 193,537$ 118,237$ (149,541)$ 224,640$ 243,262$ 162,233$ 745,999 COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (UNAUDITED) Three Months Ended May 31,Nine Months Ended May 31, (in thousands, except share and per share data)2025202420252024 Net sales$ 2,019,984$ 2,078,485$ 5,683,962$ 5,929,823 Costs and operating expenses: Cost of goods sold1,720,0631,738,0864,856,6144,894,200 Selling, general and administrative expenses175,769167,975521,187497,951 Interest expense10,86412,11733,35335,751 Litigation expense3,776—358,496— Net costs and operating expenses1,910,4721,918,1785,769,6505,427,902 Earnings (loss) before income taxes109,512160,307(85,688)501,921 Income tax expense (benefit)26,38640,867(18,569)120,361 Net earnings (loss)$ 83,126$ 119,440$ (67,119)$ 381,560Earnings (loss) per share: Basic$ 0.74$ 1.03$ (0.59)$ 3.28 Diluted0.731.02(0.59)3.25Cash dividends per share$ 0.18$ 0.18$ 0.54$ 0.50 Average basic shares outstanding112,700,136115,529,942113,437,950116,228,826 Average diluted shares outstanding113,559,456116,664,885113,437,950117,583,055 COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data)May 31, 2025August 31, 2024 Assets Current assets: Cash and cash equivalents$ 892,998$ 857,922 Accounts receivable (less allowance for doubtful accounts of $3,839 and $3,494)1,155,9951,158,946 Inventories, net1,005,290971,755 Prepaid and other current assets303,222285,489 Assets held for sale1,20418,656 Total current assets3,358,7093,292,768 Property, plant and equipment, net2,690,0502,577,136 Intangible assets, net216,464234,869 Goodwill386,544385,630 Other noncurrent assets342,056327,436 Total assets$ 6,993,823$ 6,817,839 Liabilities and stockholders' equity Current liabilities: Accounts payable$ 363,980$ 350,550 Accrued contingent litigation-related loss358,496— Other accrued expenses and payables411,546445,514 Current maturities of long-term debt41,39438,786 Total current liabilities1,175,416834,850 Deferred income taxes186,643276,908 Other noncurrent liabilities231,167255,222 Long-term debt1,302,8351,150,835 Total liabilities2,896,0612,517,815 Stockholders' equity: Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 112,159,119 and 114,104,057 shares1,2901,290 Additional paid-in capital400,897407,232 Accumulated other comprehensive loss(33,538)(85,952) Retained earnings4,375,4664,503,885 Less treasury stock, 16,901,545 and 14,956,607 shares at cost(646,613)(526,679) Stockholders' equity4,097,5024,299,776 Stockholders' equity attributable to non-controlling interests260248 Total stockholders' equity4,097,7624,300,024 Total liabilities and stockholders' equity$ 6,993,823$ 6,817,839 COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended May 31, (in thousands)20252024 Cash flows from (used by) operating activities: Net earnings (loss)$ (67,119)$ 381,560 Adjustments to reconcile net earnings (loss) to net cash flows from operating activities: Depreciation and amortization213,397208,177 Stock-based compensation27,81635,893 Write-down of inventory20,6656,586 Deferred income taxes and other long-term taxes(94,217)(4,066) Litigation expense358,496— Settlement of New Markets Tax Credit transaction(2,786)— Asset impairments1,171150 Other3,3843,534 Changes in operating assets and liabilities(60,942)(83,943) Net cash flows from operating activities399,865547,891 Cash flows from (used by) investing activities: Capital expenditures(293,904)(242,803) Proceeds from government assistance related to property, plant and equipment25,000— Proceeds from the sale of property, plant and equipment5,439— Other8441,856 Net cash flows used by investing activities(262,621)(240,947) Cash flows from (used by) financing activities: Proceeds from issuance of long-term debt, net147,724— Repayments of long-term debt(30,403)(27,484) Debt issuance costs(606)— Proceeds from accounts receivable facilities29,758142,015 Repayments under accounts receivable facilities(29,758)(122,284) Treasury stock acquired(148,854)(128,164) Tax withholdings related to share settlements, net of purchase plans(9,551)(8,563) Dividends(61,300)(58,189) Contribution from non-controlling interest127 Net cash flows used by financing activities(102,978)(202,662) Effect of exchange rate changes on cash1,307511 Increase in cash, restricted cash, and cash equivalents35,573104,793 Cash, restricted cash and cash equivalents at beginning of period859,555595,717 Cash, restricted cash and cash equivalents at end of period$ 895,128$ 700,510Supplemental information: Cash paid for income taxes$ 95,976$ 131,229 Cash paid for interest37,19035,604Cash and cash equivalents$ 892,998$ 698,338 Restricted cash2,1302,172 Total cash, restricted cash and cash equivalents$ 895,128$ 700,510 COMMERCIAL METALS COMPANYNON-GAAP FINANCIAL MEASURES (UNAUDITED) This press release contains financial measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measure are provided below. Adjusted EBITDA, core EBITDA, core EBITDA margin and adjusted earnings are non-GAAP financial measures. Adjusted earnings per diluted share is defined as adjusted earnings on a diluted per share basis. Core EBITDA margin is defined as core EBITDA divided by net sales. The adjustment "Settlement of New Markets Tax Credit transactions" represents the recognition of deferred revenue from 2016 and 2017 resulting from the Company's participation in the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 during the development of a micro mill, spooler and T-post shop located in eligible zones as determined by the Internal Revenue Service. The adjustment "Litigation expense" represents a provision recorded in the three months ended November 30, 2024 related to the judgment in the Pacific Steel Group litigation and, with respect to subsequent periods, interest expense on the judgment amount. Non-GAAP financial measures should be viewed in addition to, and not as alternatives for, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance and set target benchmarks for annual and long-term cash incentive performance plans. A reconciliation of net earnings (loss) to adjusted EBITDA and core EBITDA is provided below: Three Months EndedNine Months Ended (in thousands)5/31/20252/28/202511/30/20248/31/20245/31/20245/31/20255/31/2024 Net earnings (loss)$ 83,126$ 25,473$ (175,718)$ 103,931$ 119,440$ (67,119)$ 381,560 Interest expense10,86411,16711,32212,14212,11733,35335,751 Income tax expense (benefit)26,38610,627(55,582)29,81940,867(18,569)120,361 Depreciation and amortization72,37670,58470,43772,19070,692213,397208,177 Asset impairments785386—6,5581461,171150 Adjusted EBITDA193,537118,237(149,541)224,640243,262162,233745,999 Non-cash equity compensation9,5468,03810,2329,17312,84627,81635,893 Settlement of New Markets Tax Credit transactions(2,786)——(6,748)—(2,786)— Litigation expense3,7764,720350,000——358,496— Core EBITDA$ 204,073$ 130,995$ 210,691$ 227,065$ 256,108$ 545,759$ 781,892Net sales$ 2,019,984$ 1,754,376$ 1,909,602$ 1,996,149$ 2,078,485$ 5,683,962$ 5,929,823 Core EBITDA margin10.1 %7.5 %11.0 %11.4 %12.3 %9.6 %13.2 % A reconciliation of net earnings (loss) to adjusted earnings is provided below: Three Months EndedNine Months Ended (in thousands, except per share data)5/31/20252/28/202511/30/20248/31/20245/31/20245/31/20255/31/2024 Net earnings (loss)$ 83,126$ 25,473$ (175,718)$ 103,931$ 119,440$ (67,119)$ 381,560 Asset impairments785386—6,5581461,171150 Settlement of New Markets Tax Credit transactions(2,786)——(6,748)—(2,786)— Litigation expense3,7764,720350,000——358,496— Total adjustments (pre-tax)$ 1,775$ 5,106$ 350,000$ (190)$ 146$ 356,881$ 150 Related tax effects on adjustments(505)(1,237)(85,750)40(31)(87,492)(32) Adjusted earnings$ 84,396$ 29,342$ 88,532$ 103,781$ 119,555$ 202,270$ 381,678 Net earnings (loss) per diluted share$ 0.73$ 0.22$ (1.54)$ 0.90$ 1.02$ (0.59)$ 3.25 Adjusted earnings per diluted share$ 0.74$ 0.26$ 0.78$ 0.90$ 1.02$ 1.78$ 3.25 View original content: SOURCE Commercial Metals Company Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
