Schnitzer Steel Q3 Profit Up - Quick Facts

(RTTNews) - Schnitzer Steel Industries, Inc. (SCHN), a manufacturer of recycled ferrous metal products, Thursday reported third-quarter net profit that increased, despite lower revenues, due mainly to an income tax benefit.

For the three months to May, net profit increased to $3.11 million or $0.12 per share, from $820,000 or $0.03 per share a year ago.

The company recorded an income tax benefit of $4.5 million or $0.08 per share for the third quarter, compared with an income tax expense of $986,000 a year earlier.

Earnings, excluding items, were $4 million or $0.16 per share, compared with $2 million or $0.09 per share last year.

On average, seven analysts polled by Thomson-Reuters estimated the company's earnings to be $0.08 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenues decreased to $638 million from $710 million in the same period last year. Analysts expected revenues of $650.16 million.