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

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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 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.

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Referenced Stocks: SCHN

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