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SCHN

Schnitzer Steel

$25.04

0.47 (1.91%)

08:16
04/04/19
04/04
08:16
04/04/19
08:16

Schnitzer Steel reports Q2 adj. EPS 48c, consensus 45c

Reports Q2 revenue $474M, consensus $498.5M. "Our team delivered a strong second quarter performance in a challenging environment that reflected declining prices for scrap during the winter months and severe weather in our West Coast and Pacific Northwest markets. AMR's results reflected benefits from the swift execution of productivity initiatives, which are tracking ahead of schedule, and the team's ability to optimize purchase volumes and to diversify sales. CSS delivered stronger year-over-year operating and financial results despite weather-related construction delays that impacted sales volumes," commented Tamara Lundgren, President and CEO. "We generated strong operating cash flow and reduced debt while continuing to return capital to our shareholders through both share repurchases and our quarterly dividend. Looking forward, we remain focused on the execution of our productivity initiatives and our capital investment strategy to support our objectives of lowering processing costs, increasing recovery rates, and further developing products to meet our customers' needs."

  • 04

    Apr

SCHN Schnitzer Steel
$25.04

0.47 (1.91%)

08/15/18
MSCO
08/15/18
DOWNGRADE
MSCO
Underweight
Schnitzer Steel downgraded to Underweight from Equal Weight at Morgan Stanley
08/15/18
08/15/18
DOWNGRADE
Target $26

Underweight
Schnitzer Steel downgraded to Underweight on China duties at Morgan Stanley
As previously reported, Morgan Stanley analyst Piyush Sood downgraded Schnitzer Steel to Underweight from Equal Weight and cut his price target to $26 from $38 as he believes the impact of China's import duties on nonferrous scrap doesn't seem priced in yet. China's tariffs and import restrictions have caused an 8-14% price decline in zorba - the residual metal mixture left over after scrap shredders have extracted all high purity metal from end-of-life vehicles and white goods- since April, noted Sood, who also believes there are limits on how much scrap shredders such as Schnitzer can lower their buying costs. The company could face a roughly $40M annual EBITDA headwind from zorba, estimated Sood.
01/08/19
COWN
01/08/19
INITIATION
Target $24
COWN
Market Perform
Schnitzer Steel initiated with a Market Perform at Cowen
Cowen analyst Tyler Kenyon initiated Schnitzer Steel with a Neutral and $24 price target.
01/14/19
GSCO
01/14/19
DOWNGRADE
Target $27
GSCO
Neutral
Schnitzer Steel downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Matthew Korn downgraded Schnitzer Steel to Neutral and lowered his price target for the shares to $27 from $33. Management acknowledged in the company's fiscal Q1 results that severe deterioration in the export markets for both ferrous scrap and non-ferrous scrap has substantially reduced its core profitability, Korn tells investors in a research note. He believes earnings volatility is likely to limit valuation expansion for Schnitzer Steel.

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