Schnitzer Steel Industries (SCHN) reported quarterly earnings results on Thursday, Jun-30-2016. The company said it had a profit of $0.46 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.35. Analysts had a consensus of $0.11. The company posted revenue of $352.00 million in the period, compared to analysts expectations of $330.81 million. The company’s revenue was down -24.6% compared to the same quarter last year.
Schnitzer Steel Industries opened for trading at $15.74 and hit $15.89 on the upside on Wednesday, eventually ending the session at $15.72, with a gain of 1.88% or 0.29 points. The heightened volatility saw the trading volume jump to 3,63,237 shares. Company has a market cap of $421 M.
In a different news, on Jul 21, 2015, Wayland R Hicks (director) purchased 2,500 shares at $16.49 per share price. According to the SEC, on Apr 30, 2015, Richard C Josephson (SVP & General Counsel) sold 550 shares at $16.92 per share price.
Schnitzer Steel Industries Inc. (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB) the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB). MRB buys collects processes recycles sells and brokers ferrous scrap metal (containing iron) to foreign and domestic steel producers including SMB and nonferrous scrap metal (not containing iron) to both foreign and domestic markets. APB procures used and salvaged vehicles and sells serviceable used auto parts from these vehicles through its 62 self-service auto parts stores located across the United States and Western Canada. SMB operates a steel mini-mill in McMinnville Oregon that produces a range of finished steel products using recycled metal and other raw materials.