Schnitzer Steel Industries Inc. Q2 Profit Decreases, misses estimates

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) reported earnings for second quarter that decreased from last year and missed the Street estimates.

The company's bottom line came in at $4.35 million, or $0.15 per share. This compares with $37.62 million, or $1.27 per share, in last year's second quarter.

Excluding items, Schnitzer Steel Industries Inc. reported adjusted earnings of $0.14 per share for the period.

Analysts on average had expected the company to earn $0.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 3.5% to $755.95 million from $783.20 million last year.

Schnitzer Steel Industries Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $4.35 Mln. vs. $37.62 Mln. last year. -EPS (Q2): $0.15 vs. $1.27 last year. -Analyst Estimates: $0.21 -Revenue (Q2): $755.95 Mln vs. $783.20 Mln last year.