Schnitzer Steel Q4 Profit Climbs, Revenues Down - Quick Facts

(RTTNews) - Schnitzer Steel Industries Inc.(SCHN) reported Tuesday that its fourth-quarter attributable net income increased to $16.13 million or $0.58 per share from last year's $10.73 million or $0.39 per share.

Adjusted net income from continuing operations attributable to SSI was $17 million or $0.59 per share, compared to $9 million or $0.42 per share a year ago.

On average, three analysts polled by Thomson Reuters expected earnings of $0.45 per share. Analysts' estimates typically exclude special items.

Tamara Lundgren, President and Chief Executive Officer, said, "Our fourth quarter performance continued to demonstrate the benefits of our cost reduction and productivity initiatives which significantly contributed to our improved operating margins, despite a year over year decline in prices and volumes as weak global conditions persisted."

Revenues, meanwhile, declined to $390.66 million from prior year's $457.02 million. Analysts expected revenues of $389.76 million.

Ferrous sales volumes of 914 thousand tons and nonferrous sales volumes of 153 million pounds decreased 2% and 13%, respectively.

The company reduced its debt to its lowest level since fiscal 2011.