Metals recycler Schnitzer Steel Industries, Inc. (
) 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
The Bottom Line
Shares of Schnitzer Steel (
) 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. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.0 out of 5 stars.
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