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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 This material may not be published, broadcast, rewritten or redistributed.

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