Schnitzer Steel Swings to Q3 Profit as Volumes Surge (SCHN)

By
A A A
Share |

Metals recycler Schnitzer Steel Industries, Inc. ( SCHN ) late Wednesday posted a higher-than-expected third quarter profit, as sales more than doubled from last year.

The Portland, OR-based company reported fiscal third quarter net income of $63.8 million, or $1.43 per share, compared with a net loss of $4.2 million, or 1 cent per share, in the year-ago period. Revenue rose more than 100%, to $703.5 million.

On average, Wall Street analysts expected a much smaller profit of 87 cents per share, on lower sales of $671.8 million.


Looking ahead, the company warned that fourth quarter margins from ferrous metals would be "significantly lower" than third quarter.

Schnitzer Steel shares rose 80 cents, or +2%, in premarket trading Thursday.

The Bottom Line
We removed shares of SCHN back on July 24, 2008, when the stock was trading at $79.57. The company has a .18% dividend yield, based on last night's closing stock price of $39.20. The stock has technical support in the $33-$37 price area. If the shares can firm up, we see overhead resistance around the $45 price level. We would remain on the sidelines for now

Schnitzer Steel Industries, Inc. ( SCHN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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 Dividend.com



This article appears in: Investing , Stocks

Referenced Stocks: SCHN

Dividend.com

Dividend.com

More from Dividend.com:

Related Videos

Spot the Dropout RRC
Spot the Dropout RRC                
Spot the Dropout MG
Spot the Dropout MG                 
Spot the Dropout IPC
Spot the Dropout IPC                
Spot the Dropout
Spot the Dropout                    

Stocks

Referenced

100%

Most Active by Volume

82,115,651
  • $95.21 ▼ 1.84%
63,856,529
  • $18.13 ▼ 0.17%
41,286,059
  • $5.19 ▼ 6.49%
38,966,664
  • $46.88 ▲ 1.27%
37,020,854
  • $3.97 ▲ 0.51%
34,682,490
  • $15.10 ▼ 0.72%
33,806,137
  • $36.08 ▼ 11.61%
31,373,599
  • $122.37 ▼ 0.50%
As of 7/30/2015, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com