Schnitzer Steel Industries Inc. Q2 Profit Drops, Inline With Estimates

Schnitzer Steel Industries Inc. (SCHN) released a profit for second quarter that decreased from last year in line with the Street estimates.

The company's bottom line came in at $37.62 million, or $1.27 per share. This compares with $44.59 million, or $1.54 per share, in last year's second quarter.

Excluding items, Schnitzer Steel Industries Inc. reported adjusted earnings of $1.38 per share for the period.

Analysts on average had expected the company to earn $1.38 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 30.5% to $783.20 million from $600.11 million last year.

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

-Earnings (Q2): $37.62 Mln. vs. $44.59 Mln. last year.
-EPS (Q2): $1.27 vs. $1.54 last year.
-Analyst Estimates: $1.38
-Revenue (Q2): $783.20 Mln vs. $600.11 Mln last year.

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