SEATTLE (Scrap Monster): Schnitzer Steel Industries announced preliminary results for Q4 and Fiscal 2022. It expects second best fiscal year earnings in the company’s history in fiscal 2022. Furthermore, it anticipates strong operating cash flow of $180 million in the fourth quarter of the fiscal year.
The company expects diluted earnings per share from continuing operations to range between $5.67 and $5.72 during the fiscal. The net income is expected to be in the range of $170 million - $172 million, whereas the adjusted diluted earnings per share are expected to range between $6.00 and $6.05. It foresees adjusted EBITDA of around $311 million - $313 million during the fiscal. Schnitzer Steel expects strong operating cash flow of approximately $238 million for the full fiscal year.
The Q4 diluted earnings per share from continuing operations are likely to range between $0.31 and $0.36. The net income for the quarter is expected to range between $9 million and $11 million. The company expects adjusted diluted earnings per share from continuing operations and adjusted EBITDA to be in the range of $0.42 - $0.47 and $38 million - $40 million respectively.
The average selling prices for ferrous and nonferrous are expected to decline by 28% and 7% respectively, compared with the prior quarter.