Schnitzer Steel Industries Announces Q1 Preliminary Results

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) said that it expects first quarter earnings per share from continuing operations to be in the range of $0.53 - $0.57 and adjusted earnings per share to be in the range of $0.54 - $0.58. For the first quarter of fiscal 2018, reported earnings per share from continuing operations were $0.64 and adjusted earnings per share were $0.63.

Auto and Metals Recycling (AMR) expects to report operating income in the range of $22 million - $23 million, or operating income per ferrous ton of $24 - $25, which is lower than in the prior year's first quarter.

AMR's expected first quarter performance is lower than anticipated as a result of developments during the second half of the quarter, including a further compression of nonferrous margins, increased freight costs for bulk ships, environmental-related expenses and lower retail sales which were affected by unusually inclement weather and California wildfires.

Schnitzer noted that it will report its first quarter fiscal 2019 financial results on Wednesday, January 9, 2019.