Auriga Maintains a 'Hold' on Schnitzer Steel (SCHN); Cutting Estimates
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Price: $33.20 --0%
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 9
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 9
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Auriga maintains a 'Hold' on Schnitzer Steel (NASDAQ: SCHN) price target of $44.00.
Auriga analyst said, "SCHN announced Friday afternoon that it expects fully diluted earnings per share for fiscal 2Q12 to be in a range of $0.28 - $0.35, which is well below the company's qualitative guidance, our estimate of $0.65 and consensus of $0.55 (range: $0.32 - $0.67). The shortfall was driven by a variety of factors including lower selling prices driven by softer than anticipated demand in the latter part of the quarter. Additionally, within the Auto Parts Business, results were pressured by a combination of weaker selling prices and higher vehicle purchase costs due to tight supply markets for end of life vehicles. Consequently, we are revising our fiscal 2Q12 EPS estimate to $0.32 from $0.65. We are also reducing our fiscal 2012 and 2013 EPS estimate to $2.25 and $4.40 from $3.50 and $5.00, respectively. The current EPS consensus for fiscal 2012 and 2013 is $3.22 (range: $2.50 - $3.99) and $4.78 (range: $3.97 - $5.44), however we suspect consensus will be revised down following this announcement."
For an analyst ratings summary and ratings history on Schnitzer Steel click here. For more ratings news on Schnitzer Steel click here.
Shares of Schnitzer Steel closed at $41.98 yesterday.
Auriga analyst said, "SCHN announced Friday afternoon that it expects fully diluted earnings per share for fiscal 2Q12 to be in a range of $0.28 - $0.35, which is well below the company's qualitative guidance, our estimate of $0.65 and consensus of $0.55 (range: $0.32 - $0.67). The shortfall was driven by a variety of factors including lower selling prices driven by softer than anticipated demand in the latter part of the quarter. Additionally, within the Auto Parts Business, results were pressured by a combination of weaker selling prices and higher vehicle purchase costs due to tight supply markets for end of life vehicles. Consequently, we are revising our fiscal 2Q12 EPS estimate to $0.32 from $0.65. We are also reducing our fiscal 2012 and 2013 EPS estimate to $2.25 and $4.40 from $3.50 and $5.00, respectively. The current EPS consensus for fiscal 2012 and 2013 is $3.22 (range: $2.50 - $3.99) and $4.78 (range: $3.97 - $5.44), however we suspect consensus will be revised down following this announcement."
For an analyst ratings summary and ratings history on Schnitzer Steel click here. For more ratings news on Schnitzer Steel click here.
Shares of Schnitzer Steel closed at $41.98 yesterday.
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