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Schnitzer Steel Industries Inc. Q3 Profit Increases, beats estimates

Schnitzer Steel Industries Inc. (SCHN) revealed a profit for its third quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $76 million, or $2.52 per share. This compares with $65 million, or $2.16 per share, in last year's third quarter.

Excluding items, Schnitzer Steel Industries Inc. reported adjusted earnings of $2.59 per share for the period.

Analysts on average had expected the company to earn $2.30 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 23.2% to $1.01 billion from $0.82 billion last year.

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

-Earnings (Q3): $76 Mln. vs. $65 Mln. last year.
-EPS (Q3): $2.52 vs. $2.16 last year.
-Analyst Estimate: $2.30
-Revenue (Q3): $1.01 Bln vs. $0.82 Bln last year.

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