Schnitzer Steel Cuts Q4 Forecast amid Restructuring Plan; Will Lay off 300 Workers (SCHN)

Share |

Metals recycler Schnitzer Steel Industries, Inc. ( SCHN ) on Tuesday unveiled a new cost-cutting plan and slashed its fiscal fourth quarter outlook.

The Portland, OR-based company said it now expects to break even on an adjusted basis for the fourth quarter. When including restructuring charges, SCHN said it expects a net loss of about 12 cents per share.

On average, Wall Street analysts expect a profit of 24 cents per share for the fiscal fourth quarter.

SCHN noted that part of the restructuring plan will include the elimination of 300 jobs, or about 7% of its current workforce.

Schnitzer Steel shares fell 80 cents, or -2.7%, in premarket trading Tuesday.

The Bottom Line
Shares of Schnitzer Steel ( SCHN ) have a 2.57% dividend yield, based on last night's closing stock price of $29.15. The stock has technical support in the $25-$26 price area. If the shares can firm up, we see overhead resistance around the $33-$34 price levels.

Schnitzer Steel Industries, Inc. ( SCHN ) is not recommended at this time, holding a DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Created by

This article appears in: Investing , Stocks

Referenced Stocks: SCHN

More from

Related Videos

Can You Trust CarFax?
Can You Trust CarFax?               



Most Active by Volume

  • $16.16 ▲ 4.12%
  • $55.89 ▲ 4.66%
  • $37 ▲ 5.35%
  • $35.15 ▲ 1.88%
  • $9.74 ▲ 6.22%
  • $100.58 ▲ 0.01%
  • $30.10 ▼ 0.76%
  • $8.25 ▲ 1.48%
As of 8/21/2014, 04:03 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by