NEW YORK (TheStreet) -- Shares of Schnitzer Steel Industries (SCHN) - Get Report spiked 11.96% to $17.60 on heavy trading volume Thursday after the Portland, OR-based company reported better-than-expected earnings for the 2016 fiscal third quarter.

Before today's opening bell, the metals recycling company reported adjusted earnings of 48 cents per share, handily topping analysts' estimates of 18 cents per share.

But revenue for the quarter was $351.6 million, below Wall Street's forecasts of $356.4 million.

"Successful execution of our multi-year strategy to reduce costs and improve productivity led to our Auto and Metals Recycling business delivering its best quarterly operating income per ton performance since fiscal 2011," CEO Tamara Lundgren said in a statement.

About 1.14 million of the company's shares changed hands today vs. its average volume of 416,321 shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth.

But the team also finds weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and poor profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: SCHN

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