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Schnitzer Steel Industries announces Q1 preliminary results

Steel News - Published on Fri, 21 Dec 2018

Schnitzer Steel Industries Inc said that it expects first quarter earnings per share from continuing operations to be in the range of USD 0.53-0.57 and adjusted earnings per share to be in the range of USD 0.54-0.58. For the first quarter of fiscal 2018, reported earnings per share from continuing operations were USD 0.64 and adjusted earnings per share were USD 0.63. Auto and Metals Recycling (AMR) expects to report operating income in the range of USD 22-23 million, or operating income per ferrous ton of USD 24-25, which is lower than in the prior year's first quarter.

AMR's expected first quarter performance is lower than anticipated as a result of developments during the second half of the quarter, including a further compression of nonferrous margins, increased freight costs for bulk ships, environmental-related expenses and lower retail sales which were affected by unusually inclement weather and California wildfires.

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Posted By : Rabi Wangkhem on Fri, 21 Dec 2018
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