LONDON, UK / ACCESSWIRE / January 18, 2018 / Active-Investors.com has just released a free earnings report on Schnitzer Steel Industries, Inc. (NASDAQ: SCHN). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SCHN. The Company released its financial results on January 9, 2018, for the first quarter of the fiscal year 2018. The Portland, Oregon-based Company's total revenues surged 45% y-o-y. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Schnitzer Steel Industries most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
Schnitzer Steel posted total revenues of $483.28 million in Q1 FY18 compared to $334.16 million in Q1 FY17. However, the total revenue numbers missed market forecasts of $485.21 million. Ferrous sales volumes were up by 11% to 796.62 thousand long tons in Q1 FY18, while non-ferrous sales volumes grew 3% y-o-y to 129.14 thousand pounds in Q1 FY18.
The ferrous and non-ferrous scrap metal recycler posted a net income of $18.36 million, or $0.64 per diluted share, in Q1 FY18 versus a net loss of $1.33 million, or $0.05 loss per diluted share, in Q1 FY17. The Company's adjusted net income from continuing operations stood at $0.63 per diluted share compared to $0.03 per diluted share in Q1 FY17. Additionally, the Company's adjusted diluted net income beat Wall Street's estimates of $0.61 per diluted share.
Operating Metrics
Schnitzer Steel's selling, general, and administrative expenses (SG&A) increased to $51.04 million in Q1 FY18 from $37.49 million in Q1 FY17. The Company reported an operating income of $26.42 million in Q1 FY18 versus $0.59 million in Q1 FY17. Schnitzer Steel's adjusted operating income was $43.14 million for Q1 FY18 compared $10.24 million in the previous year's same period. Furthermore, the Company's total adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) stood at $39.39 million in Q1 FY18, up from $14.03 million in Q1 FY17.
Segment Results
Schnitzer Steel's Auto and Metals Recycling segment's revenue came in at $398.05 million in Q1 FY18, surging 46% from $271.77 million in the previous year's comparable quarter. Furthermore, the segment's adjusted operating income was $34.76 million in Q1 FY18 versus $12.47 million in Q1 FY17.
During Q1 FY18, the Company's Steel Manufacturing Business generated revenues of $89.98 million compared to $66.02 million in the prior year's corresponding quarter. The segment reported an adjusted operating income of $8.39 million in Q1 FY18 compared to an adjusted operating loss of $2.23 million in Q1 FY17. The segment sold 127 thousand tons of finished steel products at $599 per short ton in Q1 FY18 compared to 101 thousand tons of finished steel at $492 per short ton in Q1 FY17. Furthermore, rolling mill utilization was 95% in Q1 FY18 versus 65% in Q1 FY17.
Cash Matters and Balance Sheet
During the first three months ended November 30, 2017, net cash used in operating activities came in at $15.59 million compared to $5.93 million in the year ago same period. Schnitzer Steel had cash and cash equivalents worth $9.19 million at the close of its books on November 30, 2017, versus $7.29 million as on August 31, 2017. The Company's long-term debt stood at $184.23 million as on November 30, 2017, compared to $144.40 million as on August 31, 2017.
Stock Performance Snapshot
January 17, 2018 - At Wednesday's closing bell, Schnitzer Steel Industries' stock advanced 1.62%, ending the trading session at $37.60.
Volume traded for the day: 393.21 thousand shares, which was above the 3-month average volume of 320.66 thousand shares.
Stock performance in the last month - up 28.11%; previous three-month period - up 29.21%; past twelve-month period - up 63.12%; and year-to-date - up 12.24%
After yesterday's close, Schnitzer Steel Industries' market cap was at $1.00 billion.
Price to Earnings (P/E) ratio was at 23.83.
The stock has a dividend yield of 1.99%.
The stock is part of the Basic Materials sector, categorized under the Steel & Iron industry. This sector was up 0.5% at the end of the session.
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