Schnitzer Steel Industries Turns To Profit In Q4

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) reported that its fourth-quarter net income attributable to the company was $7.25 million or $0.27 per share, compared to a loss of $289.23 million or $10.82 per share in the same quarter last year.

Adjusted earnings per share from continuing operations were $0.33 compared to a loss of $0.51 last year.

Total revenues for the quarter were $691.90 million, higher than last year's $656.59 million.

In fiscal 2015, the company expects to benefit from the productivity initiatives put in place in early fiscal 2014 and a major initiative in its Auto Parts Business to maximize returns from the higher car volumes.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share and revenues of $661.98 million for the quarter. Analysts' estimates typically exclude special items.