Given Schnitzer's 4Q Guidance, the Company Has Delivered Highly Impressive Fiscal 2017 Results
No-moat Schnitzer Steel Industries issued fourth-quarter guidance that slightly exceeded our prior expectations. The company should report adjusted earnings in the range of $0.60-$0.63 per share, and our updated estimate for fiscal 2017 is $1.54 per share. This marks the company's best performance since fiscal 2011.Favorable market conditions have helped boost Schnitzer's profits, as scrap prices have been relatively steady for much of calendar 2017. This marks an unusual period of calm after m...
Schnitzer Steel Industries is engaged as a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The company has two segments: Auto and Metals Recycling, which acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers, and procures salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores; and Cascade Steel and Scrap, which produces a range of finished steel long products using ferrous recycled scrap metal and other raw materials.
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