Schnitzer Steel Industries, Inc. Stock Price, News & Analysis

Schnitzer Steel Industries announced preliminary results for its fiscal 2022 second quarter, expecting diluted earnings per share between $1.22 and $1.27, with net income projected at $36 million to $38 million. Adjusted earnings per share are anticipated to reach $1.33 to $1.38, excluding charges related to legacy environmental matters. Average selling prices are at multi-year highs, with expected year-over-year increases of 15% for ferrous and 33% for nonferrous metals. Operating cash flow is estimated at $45 million. A conference call is scheduled for April 6, 2022, for detailed results discussion.

Schnitzer Steel Industries (NASDAQ: SCHN) has launched GRN Steel, a line of net zero carbon products from its Cascade Steel operations in McMinnville, Oregon. This initiative supports Schnitzer's sustainability goal of achieving Net Zero Emissions by 2050. GRN Steel utilizes electric arc furnace technology powered by carbon-free hydroelectricity, further reducing carbon emissions through a carbon offset and renewable energy credit program. This launch positions Schnitzer as a leader in providing sustainable steel solutions in alignment with the Paris Climate Agreement.

Schnitzer Steel Industries has restarted shredding operations at its Everett, Massachusetts facility on January 28, 2022, after repairs to damaged equipment caused by an incident on December 8, 2021. This resumption occurred as planned during the Company's second fiscal quarter. Schnitzer Steel is a leading manufacturer and exporter of recycled metal products in North America, operating over 50 recycling facilities and seven deep water export facilities across the U.S., Puerto Rico, and Western Canada.

Schnitzer Steel Industries reported a record first quarter for fiscal 2022, ending November 30, 2021, with a net income of $47 million, compared to $15 million in Q1 2021. The company achieved diluted earnings per share of $1.55 and adjusted EBITDA of $78 million, up from $40 million year-over-year. Supply chain disruptions affected shipment timelines, yet average selling prices for ferrous and nonferrous metals remained near multi-year highs. The Board declared a dividend of $0.1875 per share, marking the 111th consecutive quarterly dividend.

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) will release its financial results for Q1 fiscal 2022, ending November 30, 2021, on January 6, 2022, followed by a conference call at 11:30 a.m. ET. The call will be hosted by CEO Tamara Lundgren and CFO Richard Peach.

Schnitzer operates across 25 states, Puerto Rico, and Western Canada, with a strong presence in recycled metal production. The company boasts seven export facilities and 50 stores that cater to over 4.3 million annual retail visits.

Schnitzer Steel Industries reported its best fourth quarter and annual performance in a decade, with diluted earnings per share rising to $1.43 for Q4 2021, up from $0.14 in Q4 2020. For the full year, earnings per share increased to $5.66, compared to a loss of $(0.15) in 2020. The company also achieved a net income of $44 million in Q4 2021, driven by higher average selling prices for ferrous and nonferrous metals. Additionally, Schnitzer completed the acquisition of eight Columbus Recycling facilities, expanding its Southeast operations.

Schnitzer Steel Industries (SCHN) anticipates its strongest fourth quarter operating performance since 2011, with diluted earnings per share projected at $1.40 - $1.48 and net income between $43 million - $45 million. Adjusted EBITDA is expected to range from $78 million to $81 million, despite challenges from a recent steel mill fire that has constrained finished steel sales volumes. The company expects strong operating cash flow of approximately $139 million and a significant debt reduction to $75 million.