No-Moat Sims’ Fiscal 2019 Forecasts Reduced After 1H Earnings Disappoint; FVE Unchanged
Weak pricing for Zorba, a mixed, nonferrous scrap metal product, and soft sales volumes into China and Turkey impacted no-moat Sims Metal in the second quarter of fiscal 2019. Sims now expects to reveal first-half group EBIT of AUD 110 million next month. Second-quarter fiscal 2019 earnings are expected to be around 25% below the approximate AUD 63 million Sims achieved in the first quarter. With headwinds from Zorba pricing and Turkish ferrous volumes unlikely to abate near term, we reduce our ...Sims Metal Management buys, processes and sells ferrous and non-ferrous recycled metals and provides environmentally responsible solutions for the disposal of post-consumer electronic products, including information technology assets recycled for commercial customers. Co.'s product groups are: ferrous secondary recycling, which collects, processes and trades iron and steel secondary raw material; non-ferrous secondary recycling, which collects, processes and trades other metal alloys and residues; recycling solutions, which disposes post-consumer electronic products; and secondary processing and other services, which focuses on melting, refining and ingoting of certain non-ferrous metals.
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