- Schnitzer Steel (NASDAQ:SCHN) says it estimates FQ4 adjusted EPS of $0.38-$0.43, well below Wall Street's $0.57 consensus estimate, citing a weaker market for recycled metals.
- SCHN reported adjusted EPS of $2.11 in the year-ago quarter, which included a discrete tax benefit of $1.06/share.
- In auto and metals recycling, SCHN says weak domestic and export demand for scrap metal has led to a significant decrease in selling prices for ferrous products to levels last seen in 2017, contributing to a compression in metal spreads.
- SCHN says market prices for nonferrous products also continued to decline during Q4, hur by the ongoing effects of trade actions including Chinese tariffs on imports from the U.S.