Last $27.82 USD
Change Today +0.44 / 1.61%
Volume 72.7K
As of 10:15 AM 07/22/14 All times are local (Market data is delayed by at least 15 minutes).

schnitzer steel inds inc-a (SCHN) Key Developments

Schnitzer Steel Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended May 31, 2014; Provides Financial Guidance for the Full Year of Fiscal 2014

Schnitzer Steel Industries, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended May 31, 2014. For the quarter, the company reported operating income of $1,629,000, loss before income taxes of $381,000, net income of $4,124,000, net income attributable to SSI was $3,110,000 or $0.12 diluted per share on revenues of $637,787,000 against operating income of $7,187,000, income before income taxes of $4,540,000, net income of $1,554,000, net income attributable to SSI was $820,000 or $0.03 diluted per share on revenues of $710,295,000 for the same period a year ago. Adjusted operating income was $5 million against $9 million for the same period a year ago. Adjusted net Income attributable to SSI was $4 million against $2 million for the same period a year ago. Adjusted diluted EPS attributable to SSI was $0.16 against $0.09 for the same period a year ago. Third quarter revenues increased sequentially, reflecting higher car volumes and seasonally stronger retail sales, partially offset by the adverse impact of lower commodity prices. Net debt of $347 million at the end of the third quarter was $11 million less than at the end of the second quarter in fiscal 2014. The company invested $8 million in capex during the quarter, which was spent on maintaining the business and environmental and safety projects. The company's positive EBITDA was the main contributor to operating cash flow of $27 million. For the nine months, the company reported operating income of $4,588,000, loss before income taxes of $2,905,000, net income of $1,398,000, net loss attributable to SSI was $1,328,000 or $0.05 diluted loss per share on revenues of $1,851,679,000 against operating income of $19,791,000, income before income taxes of $13,046,000, net income of $8,855,000, net income attributable to SSI was $7,792,000 or $0.29 diluted per share on revenues of $1,965,325,000 for the same period a year ago. The company generated $73 million in operating cash flow during the first nine months of fiscal 2014. The company's capex was $29 million. The company provides earnings guidance for the full year of fiscal 2014. The company's full year tax rate for fiscal 2014 is anticipated to be approximately 29%. The company anticipates capex no more than $40 million for the fiscal year.

Schnitzer Steel Industries, Inc., Q3 2014 Earnings Call, Jun 26, 2014

Schnitzer Steel Industries, Inc., Q3 2014 Earnings Call, Jun 26, 2014

Schnitzer Steel Industries, Inc. to Report Q3, 2014 Results on Jun 26, 2014

Schnitzer Steel Industries, Inc. announced that they will report Q3, 2014 results at 9:00 AM, Eastern Standard Time on Jun 26, 2014

Schnitzer Steel Industries, Inc. Provides Earnings Guidance for the Third Quarter Ending May 31, 2014

Schnitzer Steel Industries, Inc. provided earnings guidance for the third quarter of fiscal 2014 ending May 31, 2014. For the quarter, the company's earnings per share expected to be in the range of $0.10 - $0.15, including significant tax benefits. Adjusted earnings per share, adjusted for restructuring and other impairment charges, is expected to be less than reported earnings per share due to the allocation of tax benefits in the third quarter. Operating income is expected to increase significantly with operating margins anticipated to be in the range of 9% - 10%, which includes the impact of stores owned for less than a year.

Schnitzer Steel Industries, Inc. Declares Cash Dividend, Payable on May 27, 2014

The Board of Directors of Schnitzer Steel Industries, Inc. declared a cash dividend of $0.1875 per common share, payable on May 27, 2014, to shareholders of record on May 12, 2014.

 

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