Schnitzer Steel (SCHN) Reports Q4 EPS of $2.06, Revenues Beat

Schnitzer Steel (NASDAQ: SCHN) reported Q4 EPS of $2.06, versus $0.95 reported last year. Revenue for the quarter came in at $670 million versus the consensus estimate of $641.6 million.

• EPS includes discrete tax benefit of $30 million, or $1.06 per share
• Best Fourth Quarter and Fiscal Year Operating Income Since Fiscal 2011
• Fourth Quarter Total SSI Volumes Up 22% for Ferrous and Up 15% for Nonferrous Year-Over-Year
• Strong Fourth Quarter Operating Cash Flow of $106 million

“We delivered our best fourth quarter performance since fiscal 2011, capping a year which reflected our strongest full year financial and operating performance in seven years. Our consolidated operating income of $38 million reflects an increase of more than 70% versus last year’s fourth quarter. For the full year, AMR achieved operating income per ferrous ton of $46, underpinned by volume increases and the resulting operating leverage generated from ongoing productivity initiatives. CSS also delivered excellent results, driven by higher prices and demand, metal spread expansion, low levels of imports, and benefits from productivity and efficiency investments,” said Tamara Lundgren, President and CEO. “The combination of our strong profitability and effective working capital management enabled us to generate operating cash flow of $160 million in fiscal 2018, which allowed us to increase our investments in growth capex and return capital to our shareholders through both our dividend and share repurchases, while reducing our debt to its lowest level in the past eight years. Looking forward, our strong balance sheet provides us with the ability to continue our investments in advanced processing technologies, environmental stewardship, and transactional market opportunities, while continuing to return capital to our shareholders,” added Lundgren.

For earnings history and earnings-related data on Schnitzer Steel (SCHN) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Vivos Therapeutics posts 35% revenue gain but widens net loss
• SanDisk upgraded at JPMorgan after investor day; shares climb