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Schnitzer Steel’s Q2 Profit Beats; Revenue Misses (SCHN)
Metals recycler Schnitzer Steel Industries, Inc. ( SCHN ) on Tuesday said its fiscal second quarter profit jumped 76% from last year, beating analyst expectations.
The Portland, OR-based company reported fiscal second quarter net income of $30.8 million, or $1.10 per share, compared with $17.5 million, or 62 cents per share, in the year-ago period.
Revenue rose 28% from last year to $721.8 million.
On average, Wall Street analysts expected a much smaller profit of 88 cents per share, albeit on higher revenue of $747.4 million.
Looking ahead, the company forecast third quarter ferrous metal sales volumes to rise 10% to 20% on a sequential basis, with nonferrous metals rising 10% to 15%.
Schnitzer Steel shares rose $1.09, or +1.7%, in premarket trading Tuesday.
The Bottom Line
Shares of Schnitzer Steel ( SCHN ) have a .10% dividend yield, based on last night's closing stock price of $66.01. The stock has technical support in the $60-$62 price area. If the shares can firm up, we see overhead resistance around the $73 price level.
Schnitzer Steel Industries, Inc. ( SCHN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.