Schnitzer Reports Second Quarter 2015 Financial Results

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Go back to Schnitzer Reports Second Quarter 2015 Financial Results

Schnitzer Steel (SCHN) Posts Q2 Loss of 33c/Share; Plans Cost Cuts

April 7, 2015 8:32 AM EDT

Schnitzer Steel (NASDAQ: SCHN) reported Q2 EPS of ($0.33), $0.27 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $439 million versus the consensus estimate of $568.5 million.

Strategic Actions

The Company has commenced two strategic initiatives:

(i) A cost reduction, capacity reduction and productivity improvement initiative which, in the aggregate, is intended to improve financial performance by $60 million annually by the end of 2016; and

(ii) The integration of the Auto Parts... More