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Schnitzer Quarterly Loss Steepens

Jan. 08, 2014 10:34 AM ETSCHN
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Seeking Alpha Analyst Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

Originally published at www.seclive.com

Schnitzer Steel Industries, Inc. (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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