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Schnitzer Quarterly Loss Steepens

|Includes:Schnitzer Steel Industries, Inc. (SCHN)

Originally published at www.seclive.com

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) announced its first fiscal quarter 2014 financial results, posting a loss that worsened from a year ago. Quarterly revenue dipped from $593M in the year-ago period to $588M. Excluding special items, Schnitzer reported a net loss of $5M, a decline from the $1M loss reported a year ago. Losses per share continued to worsen from $0.02 per share in the first quarter of fiscal 2013 to $0.06 per share this quarter. The auto parts business generated 14% more revenue this quarter from a year ago at $80M while both steel manufacturing and metals recycling saw slight decreases in revenue from a year ago. President and CEO Tamara Lundgren commented that all segments generated positive operating income, improving cash flow.

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Stocks: SCHN