schnitzer steel inds inc-a (SCHN) Key Developments
Schnitzer Steel Industries, Inc. Declares Quarterly Dividend, Payable on February 23, 2015
Jan 31 15
The Board of Directors of Schnitzer Steel Industries, Inc. declared a cash dividend of $0.1875 per common share, payable on February 23, 2015, to shareholders of record on February 9, 2015.
Schnitzer Steel Industries, Inc. Announces Retirement of Thomas D. Klauer, Jr. as Senior Vice President and President
Jan 8 15
On January 5, 2015, Thomas D. Klauer, Jr., Senior Vice President and President of Schnitzer Steel Industries Inc.'s Auto Parts Business, retired from Schnitzer Steel Industries, Inc. Mr. Klauer joined the company in 1989.
Schnitzer Steel Industries to Cut Headcount in Auto Parts Business
Jan 8 15
Schnitzer Steel Industries will cut the headcount in its auto parts business by 4% as it doubles down on a productivity initiative that has yielded $7 million in operational savings. The company aims to achieve $14 million in cost savings in its relative small auto parts business by cutting jobs this year.
Schnitzer Steel Industries, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended November 30, 2014; Provides Financial Guidance for the Year 2015
Jan 8 15
Schnitzer Steel Industries, Inc. announced unaudited consolidated earnings and operating results for the first quarter ended November 30, 2014. For the quarter, the company reported revenues of $555,590,000 against $587,745,000 a year ago. Operating income was $78,000 against operating loss of $3,625,000 a year ago. Loss before income taxes was $1,593,000 against $6,151,000 a year ago. Net loss attributable to SSI was $2,472,000 or $0.09 per diluted share against $6,228,000 or $0.23 per diluted share a year ago. Loss from continues operations was $1,601,000 or $0.09 per diluted share against $5,367,000 or $0.23 per diluted share a year ago. Adjusted operating income was $6 million against adjusted operating loss of $2 million a year ago. Adjusted net income attributable to SSI was $2 million or $0.08 per diluted share against loss of $5 million or $0.18 per diluted share a year ago. Net debt of $326 million at the end of the first quarter was $32 million higher than at the end of the fourth quarter in fiscal 2014 due to increased net working capital which included the impact of the timing of shipments. During the first quarter of fiscal 2015, all three business segments generated positive operating income, largely due to benefits from productivity initiatives.
For the quarter, the company reported Ferrous sales volume of 938,000 LT against 978,000 LT a year ago. Nonferrous Sales volume was 127 million LB against 124 million LB a year ago. Ferrous sales volumes declined 4% from the prior year quarter, primarily due to weaker export demand and the impact of the lower price environment on scrap supply and the timing of shipments. Nonferrous sales volumes increased 3% from the prior year quarter, largely due to higher processing efficiencies.
For the year 2015, the company anticipates a full year effective tax rate of 27%, subject to financial performance for the remainder of the year. The company expects to invest approximately $40 million in capital expenditures in the fiscal 2015.
Schnitzer Steel Industries, Inc. to Report Q1, 2015 Results on Jan 08, 2015
Dec 19 14
Schnitzer Steel Industries, Inc. announced that they will report Q1, 2015 results at 12:30 PM, GMT Standard Time on Jan 08, 2015