Schnitzer Steel Industries Dips 2% Pre-Bell Amid Q3 Warning as Metals Selling Prices DropChris Middlebrooks (Author) Published Date : Jun 17, 2014 09:49 ET
Schnitzer Steel Industries (SCHN) shares were down nearly 2% in recent pre-market trade after saying that selling prices for ferrous metals have declined approximately $40 from the end of Q2, having a negative impact on its Q3 earnings. The recycler of ferrous and nonferrous scrap metal said it now expects reported Q2 earnings of $0.10 to $0.15 per share while adjusted earnings are expected to less than this due to the allocation of tax benefits in the third quarter. Analysts polled by Capital IQ had expected adjusted Q3 EPS of $0.17. SCHN is trading near the lower end of the 52-week range between $23.12 and $33.32. In the Metals Recycling Business, ferrous sales volumes are expected to approximate the Q2 and average ferrous selling prices are expected to decline approximately 5% sequentially with a 10% decline in peak to trough selling prices. Nonferrous sales volumes are expected to increase by approximately 5% and average nonferrous selling prices are expected to approximate the Q2.
Schnitzer Steel Industries Dips 2% Pre-Bell Amid Q3 Warning as Metals Selling Prices Drop