Revenue Update on Schnitzer Steel Industries(NASDAQ:SCHN)

Schnitzer Steel Industries(NASDAQ:SCHN) announced the earnings results for Fiscal Year 2016 and Q3. The results came in during Pre-market on Jun 30, 2016. Company reported revenue of $351.60M. Analysts estimated a revenue of $356.41M. Earnings per share were $0.46. Analysts had estimated an EPS of $0.18.

Schnitzer Steel Industries (SCHN) shares turned negative on Tuesdays trading session with the shares closing down -0.05 points or -0.28% at a volume of 4,60,741. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $17.97. The peak price level was also seen at $17.97 while the days lowest was $17.43. Finally the shares closed at $17.61. The 52-week high of the shares is $21.57 while the 52-week low is $11.7. According to the latest information available, the market cap of the company is $472 M.

Several Insider Transactions has been reported to the SEC. On Jul 21, 2015, Wayland R Hicks (director) purchased 2,500 shares at $16.49 per share price.Also, On Apr 30, 2015, Richard C Josephson (SVP & General Counsel) sold 550 shares at $16.92 per share price.

Schnitzer Steel Industries Inc. (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB) the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB). MRB buys collects processes recycles sells and brokers ferrous scrap metal (containing iron) to foreign and domestic steel producers including SMB and nonferrous scrap metal (not containing iron) to both foreign and domestic markets. APB procures used and salvaged vehicles and sells serviceable used auto parts from these vehicles through its 62 self-service auto parts stores located across the United States and Western Canada. SMB operates a steel mini-mill in McMinnville Oregon that produces a range of finished steel products using recycled metal and other raw materials.

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