Schnitzer Shares Down In Pre-Market On Downbeat Q1 Projections

Schnitzer Steel Industries Inc

projected weaker-than-expected fiscal first-quarter results. Schnitzer expects FQ1 earnings of $0.18 to $0.25 per share, versus analysts' estimates of $0.55 per share. Schnitzer now projects operating earnings per ferrous ton to decline around 50% from year-ago levels of $21 per ton in the metals recycling segment Schnitzer expects operating income in the auto-parts segment to drop 30%. Schnitzer shares fell 6.28% to $42.86 in pre-market trading.