Schnitzer Steel beats by $0.02, misses on revs
- Reports Q1 (Nov) earnings of $0.63 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.61; revenues rose 44.6% year/year to $483 mln vs the $502.02 mln single analyst estimate.
- "In the first quarter of fiscal 2018, we delivered our strongest first quarter performance since fiscal 2011. AMR's operating income per ferrous ton exceeded $40, a level last reached during fiscal 2011 when both volumes and scrap prices were significantly higher than today. This performance demonstrates our continuous focus on increasing productivity and efficiency in our core operations which, combined with the success of our commercial initiatives to grow volumes, allowed us to take full advantage of the stronger market conditions," commented Tamara Lundgren, President and Chief Executive Officer. "Our Cascade Steel and Scrap business also achieved significantly improved performance compared to the prior year first quarter, with operating margin expansion driven by higher volumes, reduced pressure from low-priced rebar imports, and continuing productivity improvements."