Schnitzer Steel Industries Inc. Announces Rise In Q1 Profit, but misses estimates

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) reported a profit for its first quarter that increased from last year but missed the Street estimates.

The company's earnings came in at $46.20 million, or $1.55 per share. This compares with $14.10 million, or $0.50 per share, in last year's first quarter.

Analysts on average had expected the company to earn $1.76 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 62.2% to $798.12 million from $492.11 million last year.

Schnitzer Steel Industries Inc. earnings at a glance:

-Earnings (Q1): $46.20 Mln. vs. $14.10 Mln. last year. -EPS (Q1): $1.55 vs. $0.50 last year. -Analyst Estimate: $1.76 -Revenue (Q1): $798.12 Mln vs. $492.11 Mln last year.