Schnitzer Steel ticks up after quarterly profit beat

Radius Recycling

24/10/2022 16:03

** Shares of steel products maker Schnitzer Steel Industries
 SCHN.O  rise 0.6% at $31.36 in morning trade; however, gains
are capped by weakness in metal prices and decline in quarterly
profits weighed 
    ** Weighing on the co, copper prices fell as investors
worried about pace of economic growth in top consumer China and
the yuan fell to its weakest versus dollar since 2008  MET/L 
    ** Excluding items, SCHN reports a profit of $0.50 per
share, beating estimates of $0.46 per share  urn:newsml:reuters.com:*:nTUA7TSMRJ
    ** However, profits dropped sharply from an adjusted EPS of
$2.59 per share in fiscal Q3 and $1.81 per share a year earlier
    ** Co says Q4 net income reflected sharp decline in ferrous
and nonferrous sales prices and demand, tighter supply flows,
and extended metal shredder outage at the co's recycling
facility  urn:newsml:reuters.com:*:nBw8QZpjFa
    ** Firm says adverse impact on revenue was partially offset
by benefits of strong prices for finished steel products
    ** Co has beat EPS estimates for 10 of 11 quarters
    ** One of two brokerages rates the stock "buy" and one
"hold"; their median PT is $39 - Refinitiv data
    ** Shares down 41% YTD
 (Reporting by Shristi  Achar A)
 ((Shristi.AcharA@thomsonreuters.com;))