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Schnitzer Steel Industries Inc. Q1 adjusted earnings Beat Estimates

Schnitzer Steel Industries Inc. (SCHN) released a profit for first quarter that declined from last year.

The company's bottom line totaled $16.19 million, or $0.57 per share. This compares with $18.36 million, or $0.64 per share, in last year's first quarter.

Excluding items, Schnitzer Steel Industries Inc. reported adjusted earnings of $16 million or $0.58 per share for the period.

Analysts had expected the company to earn $0.56 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 16.7% to $564.02 million from $483.28 million last year.

Schnitzer Steel Industries Inc. earnings at a glance:

-Earnings (Q1): $16 Mln. vs. $18 Mln. last year.
-EPS (Q1): $0.58 vs. $0.63 last year.
-Analysts Estimate: $0.56
-Revenue (Q1): $564.02 Mln vs. $483.28 Mln last year.

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