On Tuesday, Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) announced its financial results for the third quarter of fiscal 2018.
Revenue for the company was $530 million, increasing 37.7% from $385 million for the same period last year. Total profit for the third quarter increased from $17 million, or $0.60 per share, for the same period last year to $37 million, or $1.31 per share. Excluding certain items, adjusted earnings per share for the company was $36 million or $1.26 per share for the third quarter. The result beat analysts’ estimates of $1.18 per share.
In addition, operating income of Auto and Metals Recycling (AMR) increased from $30 million, or $36 per ferrous ton, for the same period last year, to $55 million, or $56 per ferrous ton for the third quarter.
“Our third quarter financial results reflect continued strong financial and operating performance in both of our businesses. AMR’s sales volumes increased significantly versus last year, and its third quarter operating income per ton achieved levels last reached in fiscal 2011 at a time when both volumes and scrap prices were much higher than today,” Tamara Lundgren, the President and Chief Executive Officer of the company, said in the statement on Tuesday.
“The strong operating cash flow we generated in the quarter allowed us to reduce debt and also return capital to shareholders through both our dividend and the repurchase of shares,” continued Tamara.