Help Desk -
9958816305, 9810335381
Email
Password

Schnitzer Announces Q3 2019 Preliminary Result

Steel News - Published on Wed, 19 Jun 2019

Image Source: Annual Reports
Schnitzer Steel Industries Inc announced preliminary results for its third quarter of fiscal 2019 ended May 31, 2019. Schnitzer expects fiscal 2019 third quarter earnings per share from continuing operations to be in the range of USD 0.52 to USD 0.56 and adjusted earnings per share to be in the range of USD 0.58 to USD 0.62, a sequential improvement from the second quarter reported and adjusted earnings per share from continuing operations of USD 0.46 and USD 0.48, respectively. For the third quarter of fiscal 2018, reported and adjusted earnings per share from continuing operations were USD 1.31 and USD 1.26, respectively, reflecting significantly higher ferrous and nonferrous selling prices.

Auto and Metals Recycling expects to report operating income in the range of USD 28 million to USD 29 million. Operating income per ferrous ton is expected to be in the range of USD 30 to USD 31, which is an improvement of USD 5 to USD 6 per ferrous ton sequentially but is lower than the prior year third quarter. Sequentially, AMR’s expected performance reflects benefits from higher ferrous and nonferrous sales volumes which were up approximately 9%, seasonally improved supply flows and retail sales, and continuing benefits from productivity initiatives. Yeartoovertoyear, AMR’s performance is expected to decrease primarily due to lower average net nonferrous selling prices of approximately 16% and lower average net selling prices for ferrous products of approximately 13%, partially offset by the benefits from productivity initiatives.

Cascade Steel and Scrap expects to report operating income of approximately USD 8 million, which is a USD 2 million improvement sequentially but is lower than the prior year third quarter. Sequentially, the expected improvement in performance is due primarily to the benefits of seasonally higher finished steel sales volumes of 38% and significantly increased utilization, which more than offset the impact of lower average net selling prices which were down approximately 5%, and high beginning inventory costs resulting from lower production in the second quarter. The expected YoY decrease in CSS’s performance primarily reflects lower finished steel sales volumes, the impact of the high beginning inventory costs, and a USD 1 million impact from a spike in gas prices in March, partially offset by benefits from productivity initiatives.

For the third quarter, the Company expects to report operating cash flow in the range of USD 32 million to USD 37 million. As of the end of the third quarter, total debt was USD 142 million and debt, net of cash, was USD 134 million

Source :

Posted By : Ratan Singh on Wed, 19 Jun 2019
Related News from Steel segment