This Day On The Street
Continue to site
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

Schnitzer Steel 2Q Profit Falls, Hurt By Charge

PORTLAND, Ore. (AP) â¿¿ Schnitzer Steel Industries Inc.'s fiscal second-quarter net income dropped 10 percent, pulled down by a restructuring charge. Its adjusted earnings topped analysts' estimates.

The Portland, Ore., company earned $8.6 million, or 32 cents per share, for the three months ended Feb. 28. That compares with $9.6 million, or 35 cents per share, a year earlier.

Removing a restructuring charge of 4 cents per share, earnings were 36 cents per share.

Analysts polled by FactSet expected earnings of 28 cents per share.

Revenue fell 25 percent to $662.2 million from $886.6 million. Wall Street forecast revenue of $686.1 million.

Ferrous export selling prices strengthened, with the average price for February shipments about $40 per ton above the average price for shipments at the first quarter's end. There was a 4 percent increase in the average net ferrous selling price from the first quarter.

In the metals recycling unit, ferrous sales volumes rose 16 percent from the first quarter, mostly on increased demand in the export markets and the timing of sales. Nonferrous sales volumes climbed 6 percent primarily due to higher production levels and sales timing.

The auto parts division reported higher car purchase volumes.

Shares of Schnitzer rose 23 cents to $25.66 in afternoon trading on Wednesday. The stock has traded between $22.78 and $41.55 in the past 52 weeks.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs