Schnitzer Steel Industries (SCHN) Tops Q3 EPS by 8c

Schnitzer Steel Industries (NASDAQ: SCHN) reported Q3 EPS of $0.16, $0.08 better than the analyst estimate of $0.08. Revenue for the quarter came in at $638 million versus the consensus estimate of $650.16 million.

Key business drivers during the third quarter of fiscal 2014:

• Metals Recycling Business (MRB) generated $4 million of operating income, reflecting lower average ferrous selling prices and adverse impacts of average inventory accounting sequentially which more than offset increasing levels of productivity savings.
• Auto Parts Business (APB) delivered operating income of $7 million and an operating margin of 8%. Increased car volumes and seasonally stronger retail sales benefited results.
• Steel Manufacturing Business (SMB) operating income of $5 million reflected higher nonresidential demand in the West Coast markets and solid execution on productivity initiatives.

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

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