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Schnitzer Steel Industries (NASDAQ: SCHN) reported a strong performance for Q2 fiscal 2023, ending February 28, with diluted earnings per share of $0.14 and net income of $4 million. Operating cash flow reached $88 million, driven by an 8% increase in average net selling prices for ferrous metals and a 48% rise in ferrous sales volumes due to improved demand and operational recoveries. Adjusted EBITDA was $32 million, reflecting a sequential improvement despite operational challenges earlier in the year. The board declared a quarterly dividend of $0.1875, marking the 116th consecutive dividend payment.
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) will report its second quarter fiscal 2023 financial results on April 5, 2023, for the period ending February 28, 2023. The company will conduct a webcast conference call to discuss these results at 11:30 a.m. Eastern Time the same day. The call will be led by Tamara Lundgren, Chairman and CEO, alongside CFO Stefano Gaggini. Schnitzer, a leading manufacturer and exporter of recycled metal products in North America, operates across 25 states and has extensive facilities, including seven deep-water export locations. The company is recognized for its integrated platform for metal recycling and auto parts sales.
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Schnitzer Steel Industries (NASDAQ: SCHN) has been named the most sustainable company globally by Corporate Knights, reflecting its dedication to environmental responsibility. This achievement comes from an assessment of 6,720 companies, recognizing Schnitzer's efforts in sustainability that have propelled it to the top of the Global 100 List. The company recycled approximately 4.5 million tons of ferrous metals and launched GRN Steel™, a line of net-zero carbon emissions finished steel products. Schnitzer has also reduced its greenhouse gas emissions by 24% since 2019 and maintained net carbon-free electricity at its operations for two consecutive years.
Schnitzer Steel Industries reported a net loss of $18 million for Q1 fiscal 2023, translating to a diluted loss per share of $(0.64). Adjusted EBITDA was $8 million, showing the effects of extended operational disruptions at recycling facilities and lower demand for recycled metals. Revenues dropped to $599 million, driven by decreased ferrous and nonferrous sales volumes, down 33% and 12% sequentially. The company has enhanced its productivity initiatives, raising its cost reduction target from $40 million to $60 million annually. A quarterly dividend of $0.1875 per share was declared.
Schnitzer Steel Industries (NASDAQ: SCHN) announced preliminary results for the first quarter of fiscal 2023, ending November 30, 2022. The company expects a diluted loss per share between $(0.64) and $(0.69), with a net loss of $(18) million to $(20) million. Adjusted EBITDA is forecasted at $6 million to $8 million, reflecting the impact of operational disruptions. The demand for ferrous and nonferrous materials weakened due to macroeconomic factors, leading to a decrease in sales volumes by 33% and 12%, respectively. However, the company anticipates improved sales prices and demand moving forward.