Schnitzer Steel Industries Inc. Q3 adjusted earnings Beat Estimates

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) revealed earnings for third quarter that dropped from the same period last year.

The company's earnings totaled $15.69 million, or $0.56 per share. This compares with $37.40 million, or $1.31 per share, in last year's third quarter.

Excluding items, Schnitzer Steel Industries Inc. reported adjusted earnings of $18 million or $0.63 per share for the period.

Analysts had expected the company to earn $0.60 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 16.1% to $547.40 million from $652.42 million last year.

Schnitzer Steel Industries Inc. earnings at a glance:

-Earnings (Q3): $18 Mln. vs. $36 Mln. last year. -EPS (Q3): $0.63 vs. $1.26 last year. -Analysts Estimate: $0.60 -Revenue (Q3): $547.40 Mln vs. $652.42 Mln last year.