Schnitzer Steel (SCHN) Tops Q4 EPS by 1c, Revenues Beat

Schnitzer Steel (NASDAQ: SCHN) reported Q4 EPS of $0.14, $0.01 better than the analyst estimate of $0.13. Revenue for the quarter came in at $465 million versus the consensus estimate of $412.6 million.

• Strong Sequential Improvement in Operating and Financial Performance
• Reduced Debt to Lowest Level in a Decade
• Schnitzer Board Declares Quarterly Dividend

Tamara Lundgren, Chairman and Chief Executive Officer, stated, “These past seven months have been challenging for all of us. We have been confronted with cascading crises, including a global pandemic the likes of which the world has not seen in over a century, a historically significant global recession, and natural disasters. We pivoted quickly to accommodate the operating changes that were necessary in order for us to continue operating safely and effectively in a very volatile market. Our fourth quarter operational and financial results, as well as our full year results, reflect the agility of our team, the strength of our culture, and the resiliency of our platform.”

Ms. Lundgren continued, “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. These results led to strong operating cash flow which enabled us to reduce our debt to its lowest level in a decade, while still returning capital to shareholders and continuing to invest in our strategic initiatives to deliver growth.”

“With the start of our new fiscal year, we have commenced operating under our new One Schnitzer model which we announced in April. This is the culmination of our evolution to a more simplified operating platform to improve our efficiency and enable greater focus on the critical drivers of our business, including new products and services. Beginning with our fiscal ‘21 first quarter results, we will consolidate our operations, sales, services, and other functional capabilities at the enterprise level and report our financial results in a single segment,” she added.

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

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