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Metal Recycling News June 17, 2019 02:30:51 PM

Schnitzer Steel Declares Preliminary Results for Q3 Fiscal 2019

Paul Ploumis
ScrapMonster Author
The company’s Auto and Metals Recycling (AMR) division is expected to report operating income of $28 million-$29 million.

Schnitzer Steel Declares Preliminary Results for Q3 Fiscal 2019

SEATTLE (Scrap Monster): Schnitzer Steel Industries, Inc. announced preliminary results for third quarter of fiscal 2019 ended May 31, 2019. The company is scheduled to declare the quarterly results on June 26, 2019.

Schnitzer Steel expects earnings from continuing operations to range between $0.52 and $0.56 per share, sequentially higher when compared with the second quarter reported earnings of $0.46 per share. The adjusted earnings per share are likely to post improvement from $0.48 in Q2 fiscal 2019 to $0.58-$0.62 per share in third quarter. The improvements are mainly attributed to higher ferrous and nonferrous selling prices. However, the consolidated results are likely to decline when compared with the reported and adjusted earnings of $1.31 and $1.26 respectively during the corresponding quarter last fiscal.

The company’s Auto and Metals Recycling (AMR) division is expected to report operating income of $28 million-$29 million. The operating income per ferrous ton is likely to range between $30 and $31. AMR’s ferrous and nonferrous sales volumes are expected to surge higher by 9% in third quarter.

The Cascade Steel and Scrap (CSS) segment operating income is expected to be around $8 million, significantly higher when matched with $6 million during the prior quarter. The finished steel sales volumes are estimated to record 38% surge.

The operating cash flow is likely to remain in the range of $32 million to $37 million. The company is likely to witness debt reduction of around $21 million during the quarter.



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