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Schnitzer Steel Q1 Profit Rises, But Misses Estimates- Update

(Adds adjusted earnings)

Schnitzer Steel Industries Inc. (SCHN) reported a profit for its first quarter that increased from last year but missed the Street estimates.

The company's earnings came in at $46.20 million, or $1.55 per share. This compares with $14.10 million, or $0.50 per share, in last year's first quarter.

Excluding items, earnings per share from continuing operations was at $1.58, compared to $0.57 in the first quarter of fiscal 2021.

Analysts on average had expected the company to earn $1.76 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 62.2% to $798.12 million from $492.11 million last year.

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

-Earnings (Q1): $46.20 Mln. vs. $14.10 Mln. last year.
-EPS (Q1): $1.55 vs. $0.50 last year.
-Analyst Estimate: $1.76
-Revenue (Q1): $798.12 Mln vs. $492.11 Mln last year.

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