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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nucor Corporation | NYSE:NUE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.40 | 1.99% | 173.92 | 174.625 | 171.10 | 171.67 | 1,054,666 | 21:40:13 |
By Neil Haggerty
Schnitzer Steel Industries Inc. (SCHN) swung to a third-quarter loss as revenue declined sharply on lower metals prices, though adjusted per-share results were breakeven, better than analysts had forecast.
The company has struggled recently with steep declines in ferrous-metals prices. But it has been restructuring--idling two of its eight automotive shredders and a handful of feeder yards, as well closing seven of its underperforming auto-parts businesses--which has helped the company cut costs. In the most recent quarter, overhead costs declined 12%, while the cost of goods sold slid 27%.
In the previous quarter, Schnitzer unveiled plans to cut costs, reduce its capacity and improve productivity--moves the company said could save it $60 million annually. Schnitzer said it generated about $10 million in benefits in its third quarter.
Ferrous sales prices rose in the second half of the quarter, but still fell 31% compared with the prior year, reflecting weaker export demand and excess steel production.
Like other steel makers, such as AK Steel Holding Corp. (AKS) and Nucor Corp. (NUE), Schnitzer has warned in recent months that results are being hurt by unexpectedly high levels of steel imports that are driving down selling prices.
In all, for the quarter ended May 31, the company reported a loss of $9.6 million, or 36 cents a share, down from earnings of $3.1 million, or 12 cents a share, a year earlier. On an adjusted basis, the company broke even, down from earnings of 19 cents in the year-earlier period.
Revenue fell 26% to $467.3 million.
Analysts polled by Thomson Reuters were looking for a loss of 14 cents a share on $504 million in revenue.
Write to Neil Haggerty at neil.haggerty@wsj.com
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