Schnitzer Steel Industries Inc. Reports Operating Results (10-Q)
Schnitzer Steel Industries, Inc. has a market cap of $668.4 million; its shares were traded at around $25.6 with a P/E ratio of 7.9 and P/S ratio of 0.2. The dividend yield of Schnitzer Steel Industries, Inc. stocks is 3.1%. Schnitzer Steel Industries, Inc. had an annual average earning growth of 14.6% over the past 10 years.
Highlight of Business Operations:MRB revenues and operating income of $787 million and $18 million, respectively, compared to $879 million and $46 million in the third quarter of fiscal 2011, respectively;
APB revenues and operating income of $83 million and $13 million, respectively, compared to $87 million and $17 million in the third quarter of fiscal 2011, respectively; and
SMB revenues and operating income of $79 million and less than $1 million, respectively, compared to $91 million and $3 million in the third quarter of fiscal 2011, respectively.
Consolidated revenues in the first nine months of fiscal 2012 were $2.6 billion, an increase of 8% compared to the same period in the prior year. This increase was primarily due to higher sales volumes in each of our segments mainly as a result of fiscal 2011 acquisitions and improved recovery of nonferrous materials through enhanced processing technologies at MRB. In addition, after experiencing a period of steady growth during most of fiscal 2011, average net selling prices for ferrous recycled metal were 5% higher for the nine months ended May 31, 2012 compared to the prior year period despite the significant decline in prices that occurred in the first quarter of fiscal 2012 and the globally weakening market conditions throughout fiscal 2012.
Cash used in operating activities in the first nine months of fiscal 2011 included an increase in inventory of $73 million due to higher purchase costs for raw materials and higher volumes on hand and an increase of $113 million in accounts receivable due to higher sales prices and the timing of collections. Sources of cash included an increase of $16 million in accounts payable due to increases in purchase costs for raw materials and the timing of payments and an increase of $8 million in accrued taxes due to improved financial results.
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