Schnitzer Reports Solid 2Q Results Amid Significantly Improved Auto and Metals Recycling Results
In its fiscal second quarter, Schnitzer Steel Industries reported adjusted earnings of $0.37 per share and adjusted operating income of $13 million on $382 million of revenue. This marks a significant improvement from the year-ago period, in which Schnitzer generated adjusted losses of $0.25 per share and adjusted operating losses of $7 million on revenue of $289 million. Although we have slightly raised our near-term profit forecasts, our long-term outlook is unchanged. We reiterate our $15 per...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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