Schnitzer Steel Industries, Inc. shared preliminary results for its second quarter ended February 28, 2017. Schnitzer expects second quarter earnings per share from continuing operations to be in the range of $0.37 to $0.40 and adjusted earnings per share to be in the range of $0.34 to $0.37.
This expected performance compares favorably to results from continuing operations in the prior year second quarter of a loss per share of $1.48 and an adjusted loss per share of $0.25, and in the first quarter of fiscal 2017 of a loss per share of $0.05 and an adjusted loss per share of $0.03. For a reconciliation of adjusted results to U.S. GAAP:
The company expects to deliver an estimated $6 million of higher benefits from its targeted cost reductions and productivity initiatives in the second quarter as compared to the prior year quarter. Consolidated financial performance is expected to include corporate expense of approximately $10 million, an increase sequentially and year-over-year primarily due to higher incentive compensation expense reflecting improved financial performance. The company’s effective tax rate is expected to be approximately 5 percent. Total debt was $209 million as of the end of the second quarter.
Published in the April 2017 Edition of American Recycler News
