Schnitzer Steel reports EPS in-line with upside preannouncement (21.60)
- Reports Q3 (May) earnings of $0.56 per share, excluding non-recurring items, in-line with the single analyst estimate of $0.56; revenues rose 35.5% year/year to $477 mln.
- Preannonced Q3 adj. EPS $0.52-0.56 vs. $0.42 consensus on June 15.
- "Our third quarter results benefited from our continued focus on profitable growth. In both our Auto and Metals Recycling and our Steel Manufacturing Businesses, higher volumes and operating leverage from our multi-year productivity initiatives drove increased operating income," commented Tamara Lundgren, President and Chief Executive Officer. "Through the first nine months of this year, we have achieved our best earnings performance since fiscal 2012." "Our balance sheet continued to strengthen as we generated strong operating cash flow, driven primarily by higher profitability and also by lower working capital as compared to the second quarter. This enabled us to reduce debt while continuing to invest in our operations and to return capital to our shareholders."