Schnitzer Steel guides FQ3 earnings below estimates

Schnitzer Steel (SCHN-1.8% premarket after issuing downside guidance for FQ3 (May), seeing EPS of $0.10-$0.15 including a significant tax benefit, vs. $0.17 analyst consensus estimate.

SCHN expects adjusted EPS to come in less than reported EPS due to the allocation of tax benefits.

Says demand for recycled metals remains steady Q/Q, but selling prices for ferrous metals declined ~$40 from the end of FQ2, resulting in a significant adverse average inventory impact to its metals recycling business.

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