SEATTLE (Scrap Monster): Schnitzer Steel Industries, Inc. announced results for its third quarter of fiscal 2022 ended May 31, 2022.
The company reported diluted earnings per share from continuing operations of $2.52. This compares with $2.16 in the third quarter of fiscal 2021. The adjusted diluted earnings per share from continuing operations for the quarter was $2.59, compared with $2.20 in the corresponding quarter a year before. The net income surged higher significantly from $65 million a year before to $76 million. The adjusted EBITDA too was up from $97 million to $119 million.
The Q3 performance benefited from strong global demand for recycled metals. Also, robust West Coast market conditions for finished steel products resulted in higher average selling prices for ferrous, nonferrous and finished steel products. The average ferrous and nonferrous selling prices hit multi-year highs, while average finished steel selling prices hit record level, said the company news release.
Commenting on the results, Tamara Lundgren, Chairman and Chief Executive Officer said that record results this quarter reflected excellent operational performance, mainly driven by by strong movements in demand and prices. The acquisition of Encore Recycling’s operating assets has led to expansion of the company’s Southeast platform, Lungdren added.