Schnitzer Steel (SCHN) Tops Q3 EPS by 17c, Revenues Beat

Schnitzer Steel (NASDAQ: SCHN) reported Q3 EPS of $0.05, $0.17 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $403 million versus the consensus estimate of $368.6 million.

“Our team has worked tirelessly through this pandemic, serving our customers and communities, and supporting our suppliers, demonstrating the critical and essential role of our business. Early on, we deployed health, safety, and wellness protocols in all our facilities in order to protect the health of our employees and all who visit our sites. I am very proud of how our employees have responded to the COVID-19 crisis, and our results can be attributed to their swift actions and agility,” said Tamara L. Lundgren, Chairman and Chief Executive Officer.

“During one of the most challenging quarters in recent times, we kept our focus on optimizing our sales, both wholesale and retail, aligning our operating costs with supply and production volumes, and moving ahead with our strategic investments. As a result, CSS almost doubled its operating income sequentially, and AMR delivered solid results in a market environment where ferrous scrap prices dropped to levels not seen since 2016,” she added. “We kept a strong focus on our strategic priorities, delivering ahead of schedule the full run rate on the targeted productivity initiatives we announced last October, and achieving early benefits from the ongoing transition to our One Schnitzer model that we will be completing in the fall. In addition, effective working capital management enabled us to deliver strong operating cash flow and reduce our net debt. While the near-term environment remains subject to uncertainty, we are encouraged by the gradual re-start of economic activity in the U.S. and globally.”

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

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