Schnitzer Steel Industries, Inc. SCHN reported third-quarter earnings of 63 cents per share, which beat the analyst consensus estimate of 58 cents. This is a 50% decrease over earnings of $1.26 per share from the same period last year.
The company reported quarterly sales of $547 million, which beat the analyst consensus estimate of $527.12 million. This is a 16.16% decrease over sales of $652.416 million the same period last year.
"Our team delivered another quarter of strong operating performance with both segments achieving higher volumes while navigating a volatile price environment," said CEO Tamara Lundgren. "We also generated strong cash flow and decreased our debt in the quarter. Looking forward, we remain focused on the continued implementation of our productivity initiatives, volume growth and capital investment strategy to support our objectives of increasing our efficiency and operating leverage, expanding our products and broadening our customer reach."
Schnitzer Steel shares traded around $24.63 at time of publication.
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