Schnitzer Steel Industries Q2 Profit Meets Estimates

(RTTNews) - Schnitzer Steel Industries, Inc. (SCHN) reported Wednesday that net income attributable to shareholders for the second quarter plunged to $4.35 million or $0.15 per share from $37.62 million or $1.27 per share in the prior-year quarter.

Excluding items, adjusted net income from continuing operations for the quarter was $0.14 per share, compared to $1.38 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.21 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter decreased to $755.95 million from $783.20 million in the same quarter last year. Analysts expected revenues of $698.47 million for the quarter.

The Board of Directors declared a cash dividend of $0.1875 per common share, payable May 8, 2023 to shareholders of record on April 24, 2023. Schnitzer has paid a dividend every quarter since going public in November 1993.