Schnitzer Steel (SCHN) Tops Q2 EPS by 7c

Schnitzer Steel (NASDAQ: SCHN) reported Q2 EPS of $0.31, $0.07 better than the analyst estimate of $0.24. Revenue for the quarter came in at $439 million versus the consensus estimate of $432.02 million.

“Our strong second quarter results reflect the resiliency of our operations and the ability of our team to navigate well during an improving but still volatile quarter,” said Tamara Lundgren, Chairman and Chief Executive Officer. “Both divisions achieved higher sales volumes and benefited from strong execution of the productivity initiatives we implemented during the quarter. In addition, our strong focus on working capital management enabled us to deliver positive operating cash flow notwithstanding higher prices for raw materials.”

“During the COVID-19 national emergency, our facilities have continued operating, reflecting our inclusion in the critical infrastructure sector, as defined by the U.S. Department of Homeland Security. We have implemented additional steps to protect our employees and visitors to our sites and, where possible, our employees are working remotely. While near-term market conditions, including commodity prices and customer demand, remain subject to significant uncertainty and volatility, we have a strong balance sheet with low net leverage and significant cash on hand to weather declines in demand,” she added.

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

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