Schnitzer Steel Expects Q3 Profit Below Analysts' Estimates

(RTTNews) - Schnitzer Steel Industries Inc. (SCHN) announced that it expects third-quarter earnings per share to be in the range of $0.10-$0.15, including significant tax benefits. Adjusted earnings per share, adjusted for restructuring and other impairment charges, is expected to be less than reported earnings per share due to the allocation of tax benefits in the third quarter, the company said.

The company said the demand for recycled metals remained steady compared to the second quarter, however, selling prices for ferrous metals declined approximately $40 from the end of the second quarter, which is expected to result in a significant adverse average inventory impact to the Metals Recycling Business.

Analysts polled by Thomson Reuters expect the company to report third-quarter profit per share of $0.18. Analysts' estimates typically exclude special items.