This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Schnitzer Reports Fourth Quarter And Full Year Fiscal 2012 Financial Results

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today reported adjusted diluted earnings per share of $0.10, excluding a $5 million pre-tax restructuring charge ($0.12 per diluted share) associated with initiatives announced in August. Including the restructuring charge, the Company reported a loss per share of $(0.02) for the fourth quarter ended August 31, 2012. This compares with diluted earnings per share of $1.31 for the fourth quarter of fiscal 2011. For the 2012 fiscal year, Schnitzer reported full year revenues of $3.3 billion, compared to $3.5 billion in fiscal 2011, and adjusted diluted earnings per share of $1.11, excluding the fourth quarter restructuring charge, compared to $4.23 in fiscal 2011. Including the restructuring charge, reported diluted earnings per share were $0.99 for fiscal 2012. Fourth quarter financial results exceeded the Company's recent market outlook primarily due to the achievement of higher than anticipated operational performance in August in our Metals Recycling and Auto Parts businesses.

Our quarterly financial performance was adversely impacted by a rapid decline in selling prices at the beginning of the quarter while the supply of scrap continued to be constrained by weak US GDP growth. As a result of these conditions, average inventory costs did not decline as quickly as cash purchase costs for raw materials, resulting in margin compression. Average inventory costs adversely impacted consolidated operating income by approximately $30 million compared to the third quarter, with nearly two-thirds of this impact affecting our Metals Recycling Business.

   
Summary Results
($ in millions, except per share amounts)
 
  Quarter     Year
4Q12     3Q12     4Q11 2012     2011 % Chg
Revenues $ 762 $ 880 $ 1,081 $ 3,341 $ 3,459 (3 )%
 
Operating Income (Loss) $ (1 ) $ 22 $ 56 $ 54 $ 186 (71 )%
Restructuring Charges 5       5    
Adjusted Operating Income (1) $ 4   $ 22   $ 56   $ 59   $ 186   (68 )%
 
Net Income (Loss) attributable to SSI $ $ 11 $ 37 $ 27 $ 118 (77 )%
Restructuring Charges, net of tax 3       3    
Adjusted Net Income attributable to SSI (1)(2) $ 3   $ 11   $ 37   $ 31   $ 118   (74 )%
 
Net Income (Loss) per share attributable to SSI $ (0.02 ) $ 0.40 $ 1.31 $ 0.99 $ 4.23 (77 )%
Restructuring Charges, net of tax, per share 0.12      

0.12

   
Adjusted diluted EPS attributable to SSI (1) $ 0.10   $ 0.40   $ 1.31   $ 1.11   $ 4.23   (74 )%
 
(1) Adjusted for restructuring charges taken in 4Q12. See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
(2) Numbers may not foot due to rounding
 




Stock quotes in this article: SCHN 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs