Schnitzer Steel 4Q Earnings Drop on Declining Recycled Metals Selling Prices

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by Sabella Ojes

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Schnitzer Steel Industries Inc. as a result of lower selling prices for recycled metals amid falling demand levels. reported a decline in profit for its fiscal fourth quarter on Monday.

The steelmaking and scrap metals company said net income fell to $10.4 million, or 36 cents per share, for the three months ended August 31, compared to $42.8 million, or $1.43, a share a year ago.

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Removing one-time items, the company’s earnings came in at 50 cents. Analysts polled by FactSet had forecast adjusted earnings per share of 46 cents.

Revenue increased 5.8% to $894.4 million. Analysts were expecting revenue of $817.6 million.

The company, which closed the first nine months of its financial year with a record performance, said it saw profit margins fall in the last quarter due to a fall in ferrous and non-ferrous selling prices amid a challenging macroeconomic environment.

Tighter supply flows, and disruptions associated with an extended metal shredder outage at the company’s Everett, MA recycling facility, also impacted Schnitzer Steel’s earnings, the company said.


Write to Sabela Ojea at [email protected]


improvement and amplification

This article was corrected at 12:49pm ET. The steelmaking and scrap metals company said net income fell to $10.4 million for the three months ended August 31, compared to $42.8 million a year ago. The original version incorrectly stated that net income was $11.1 million compared to $43.8 million a year earlier.

The steelmaking and scrap metals company said net income fell to $10.4 million for the three months ended August 31, compared to $42.8 million a year ago. At 8:16 a.m. ET it incorrectly said net income was $11.1 million, compared to $43.8 million a year earlier.


Credit: www.marketwatch.com /

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