Schnitzer Steel Q2 Earnings Drop

(RTTNews) - Schnitzer Steel Industries, Inc. (SCHN) Thursday reported lower earnings for the second quarter of 2014 reflecting lower revenues.

The net income attributable to SSI declined to $2 million or $0.07 per share from $9 million or $0.32 per share in the prior-year period. On an adjusted basis, earnings were $3 million or $0.06 per share.

On average 8 analysts polled by Thomson-Reuters had expected the company to earn $0.07 per share for the quarter. Analyst's estimate typically exclude one-time items.

The company's second-quarter revenues dropped to $626 million from $662 million in the same period, last year. Analysts had estimated revenues to be $659.93 million for the quarter.