Schnitzer Steel Slips To Loss In Q2 - Quick Facts

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) reported second-quarter net loss attributable to the company of $195.6 million or $7.24 per share, compared to net income of $1.8 million or $0.07 per share in the comparable quarter last year.

Adjusted loss per share from continuing operations were $0.33, compared to earnings of $0.13 last year. On average, 7 analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share. Analysts' estimates typically exclude special items.

Total revenues for the latest second quarter were $439.23 million, down from $626.15 million in the prior year, while five analysts had a consensus revenue estimate of $564.10 million for the quarter.

The company anticipates a full year effective tax rate of 5%, primarily driven by estimated valuation allowances on deferred tax assets. Net debt of $306 million at the end of the second quarter was $20 million lower than at the end of the first quarter in fiscal 2015.