Schnitzer Steel Reports Mixed Earnings (SCHN)

Schnitzer Steel Industries Inc. (NASDAQ: SCHN) reports Q3 earnings of $0.58 versus consensus of $0.38. Schnitzer Steel Industries reports revenues of $639 million versus consensus of $665.45 million.“We delivered strong financial and operating performance in fiscal 2010 continuing an overall upward trend,” said Tamara Lundgren, President and Chief Executive Officer. “Our dedicated focus on improving our operating efficiencies, enhancing our supply networks and investing in growth capital projects significantly improved our financial and operating performance despite a sluggish domestic economy.” Lundgren went on to say, "“While the industry as a whole benefited from higher demand for scrap globally during fiscal year 2010, we achieved significant profit-enhancing milestones within each of our operating segments. The net result was balanced earnings and cash flow generation which enabled us to maintain a strong balance sheet while reinvesting capital in technology and acquisitions, as well as opportunistically returning capital to shareholders through share repurchases."At last check, shares of SCHN were down 46 cents to $48.60, a loss of nearly 1%.