Schnitzer Steel Industries Inc. Q3 Profit Decreases, but beats estimates

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) released a profit for third quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $13.46 million, or $0.47 per share. This compares with $74.63 million, or $2.52 per share, in last year's third quarter.

Excluding items, Schnitzer Steel Industries Inc. reported adjusted earnings of $0.67 per share for the period.

Analysts on average had expected the company to earn $0.64 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 19.8% to $809.61 million from $1.01 billion last year.

Schnitzer Steel Industries Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $13.46 Mln. vs. $74.63 Mln. last year. -EPS (Q3): $0.47 vs. $2.52 last year. -Analyst Estimates: $0.64 -Revenue (Q3): $809.61 Mln vs. $1.01 Bln last year.