Schnitzer Steel Industries, Inc. (SCHN) reported a drop in second-quarter net income attributable to SSI to $8.64 million, or $0.32 per share, from $9.63 million, or $0.35 per share, a year ago.
The company reported adjusted earnings per share of $0.36 for the recent quarter. Adjusted results for the quarter exclude a $2 million pre-tax restructuring charge associated with cost reduction initiatives announced in August 2012. The company said the performance exceeded its second quarter market outlook issued in February, due to better than anticipated operational performance in its Metals Recycling and Auto Parts Businesses, lower corporate expenses and additional tax benefits.
Quarterly revenues were $662.21 million, down from last year's $886.61 million.
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