Schnitzer Reports Third Quarter 2017 Financial Results
Significant Growth in Earnings Per Share
Auto and Metals Recycling Delivers Strongest Third Quarter
Performance Since Fiscal 2012
Best First Nine Months Earnings Per Share Since Fiscal 2012
PORTLAND, Ore.--(BUSINESS WIRE)--Jun. 26, 2017--
Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today reported results
for its third quarter ended May 31, 2017. The Company reported earnings
per share from continuing operations of $0.60 and adjusted earnings per
share of $0.56. These results reflect a significant increase compared to
second quarter earnings per share from continuing operations of $0.40
and adjusted earnings per share of $0.37, and the prior year third
quarter earnings per share from continuing operations of $0.41 and
adjusted earnings per share of $0.46. For a reconciliation of the
adjusted results to U.S. GAAP, see the Non-GAAP Financial Measures
provided after the financial statements in this document.
Auto and Metals Recycling (AMR) operating income of $30 million
increased by 13% compared to the second quarter and represents the best
third quarter performance since fiscal 2012. Operating income per
ferrous ton of $31 reflects operating leverage benefits driven by higher
sales volumes, increased supply flows, seasonality, sustained benefits
from our cost savings and productivity initiatives, and no material
impact from average inventory accounting. The second quarter of fiscal
2017 included a favorable impact from average inventory accounting of $4
million, or $5 per ton, and the prior year third quarter also included a
favorable impact of $3 million, or $3 per ton. For the first nine months
of fiscal 2017 compared to the prior year first nine months, ferrous and
nonferrous sales volumes increased 11% and 18%, respectively.
In the Steel Manufacturing Business (SMB), operating performance was
slightly above break-even for the third quarter, an improvement of $2
million sequentially and slightly below prior year operating income of
$1 million. Finished steel sales volumes increased 33% sequentially,
reflecting seasonally higher construction activity.
Since the end of the third quarter, we integrated our SMB segment with
AMR's Oregon metals recycling operations, forming a new division,
Cascade Steel and Scrap (CSS). This change in organizational structure
is intended to enhance our flexibility, improve customer service,
generate internal synergies, and enable us to more effectively adjust to
market changes across our recycling and steel production operations. We
expect to report the results of CSS operations as a single reportable
segment beginning in the fourth quarter of fiscal 2017.
"Our third quarter results benefited from our continued focus on
profitable growth. In both our Auto and Metals Recycling and our Steel
Manufacturing Businesses, higher volumes and operating leverage from our
multi-year productivity initiatives drove increased operating income,"
commented Tamara Lundgren, President and Chief Executive Officer.
"Through the first nine months of this year, we have achieved our best
earnings performance since fiscal 2012."
"Our balance sheet continued to strengthen as we generated strong
operating cash flow, driven primarily by higher profitability and also
by lower working capital as compared to the second quarter. This enabled
us to reduce debt while continuing to invest in our operations and to
return capital to our shareholders," said Lundgren.
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Summary Results
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($ in millions, except per share amounts)
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Quarter
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3Q17
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3Q16
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Change
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2Q17
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Change
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Revenues
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$
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477
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$
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352
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36%
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$
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382
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25%
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Operating income
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$
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19
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$
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15
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29%
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$
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14
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35%
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Other asset impairment charges (recoveries), net
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(1
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—
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NM
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—
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NM
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Restructuring charges and other exit-related activities
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—
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1
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NM
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—
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NM
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Recoveries related to the resale or modification of previously
contracted shipments
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—
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—
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NM
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—
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NM
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Adjusted operating income(1)(2)
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$
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18
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$
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15
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18%
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$
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13
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36%
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Net income attributable to SSI
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$
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17
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$
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11
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51%
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$
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11
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50%
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Income from continuing operations attributable to SSI
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$
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17
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$
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11
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50%
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$
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11
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50%
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Adjusted income from continuing operations attributable to SSI(1)
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$
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16
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$
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13
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24%
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$
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10
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52%
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Net income per share attributable to SSI
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$
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0.60
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$
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0.40
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49%
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$
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0.40
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51%
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Income per share from continuing operations attributable to SSI
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$
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0.60
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$
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0.41
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48%
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$
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0.40
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51%
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Adjusted diluted earnings per share from continuing operations
attributable to SSI(1)
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$
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0.56
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$
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0.46
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22%
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$
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0.37
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53%
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(1) See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
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(2) May not foot due to rounding.
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NM = Not Meaningful
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Auto and Metals Recycling
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Summary of Auto and Metals Recycling Results
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($ in millions, except selling prices and data per ton; Fe
volumes 000s long tons; NFe volumes Ms lbs)
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Quarter
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3Q17
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3Q16
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Change
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2Q17
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Change
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Total revenues
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$
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430
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$
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307
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40%
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$
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349
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23%
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Ferrous revenues
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$
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272
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$
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195
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40%
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$
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230
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18%
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Ferrous volumes
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951
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832
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14%
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852
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12%
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Avg. net ferrous sales prices ($/LT)(1)
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$
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259
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$
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215
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20%
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$
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248
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4%
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Nonferrous revenues(2)
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$
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122
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$
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80
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53%
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$
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92
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33%
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Nonferrous volumes(3)
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162
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122
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32%
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123
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32%
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Avg. net nonferrous sales prices ($/lb)(1)(3)
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$
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0.66
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$
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0.59
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12%
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$
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0.65
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2%
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Cars purchased for retail (000s)
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108
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79
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37%
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96
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13%
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Operating income(4)
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$
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30
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$
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27
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11%
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$
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26
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13%
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Operating income per Fe ton
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$
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31
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$
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32
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(3)%
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$
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31
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1%
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Adjusted operating income(4)(5)
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$
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29
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$
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27
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7%
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$
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26
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10%
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Adjusted operating income per Fe ton
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$
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30
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$
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32
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(6)%
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$
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30
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(1)%
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(1) Sales prices are shown net of freight.
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(2) An adjustment of certain intrasegment items was made between
nonferrous revenues and retail and other revenues for the quarter
ended May 31, 2016 to conform with the presentation for the quarter
ended May 31, 2017 and February 28, 2017. The adjustment had no
impact on previously reported total revenues or earnings.
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(3) Average sales price and volume information excludes platinum
group metals (“PGMs”) in catalytic converters.
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(4) Segment operating income does not include the impact of
restructuring charges and other exit-related activities.
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(5) See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
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NM = Not Meaningful
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Volumes: Ferrous sales volumes in the third quarter
increased 12% sequentially and 14% compared to the prior year third
quarter, reflecting improved market conditions and benefits from global
sales diversification activities. Nonferrous sales volumes were 32%
higher sequentially and compared to the prior year third quarter, due to
improved supply flows, benefits from higher production, and increased
car purchase volumes from our retail stores of 13% sequentially and 37%
compared to the prior year quarter. Export customers accounted for 58%
of total ferrous sales volumes. Ferrous and nonferrous products were
exported to 16 countries with India, Bangladesh, and Turkey the top
export destinations for ferrous shipments.
Pricing: Average ferrous net selling prices increased 4%
sequentially and 20% compared to the prior year third quarter.
Nonferrous prices increased 2% sequentially and 12% compared to the
prior year quarter, reflecting higher commodity prices.
Margins: Operating income of $30 million, or operating
income per ferrous ton of $31, reflected the benefits of higher volumes.
Operating income increased 13% sequentially and 11% compared to the
prior year quarter, driven by higher ferrous and nonferrous sales
volumes, increased supply flows, seasonally improved retail auto parts
sales and sustained benefits from our cost savings and productivity
initiatives. Third quarter operating results did not include a material
impact from average inventory accounting, which compares to a favorable
impact in both the second quarter and the prior year third quarter.
Adjusted operating income excludes a gain of $1 million from an asset
sale. For a reconciliation of the adjusted results to U.S. GAAP, see the
Non-GAAP Financial Measures provided after the financial statements in
this document.
Steel Manufacturing Business
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Summary of Steel Manufacturing Business Results
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($ in millions, except selling prices; volume 000s of short tons)
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Quarter
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3Q17
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3Q16
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Change
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2Q17
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Change
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Revenues
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$
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82
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$
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71
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16%
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$
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58
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41%
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Operating income (loss)
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$
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—
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$
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1
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(67)%
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$
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(2
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124%
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Avg. net sales prices ($/ST)
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$
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545
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$
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501
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9%
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$
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517
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5%
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Finished steel sales volumes
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141
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133
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6%
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106
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33%
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Rolling mill utilization(1)
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85
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%
|
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53
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%
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|
|
89
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%
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(1) Rolling mill utilization for fiscal 2017 is based on effective
annual production capacity under current conditions of 580 thousand
tons of finished steel products, reflecting a decrease in the
effective finished steel production capacity resulting from the
decommissioning of the older rolling mill during the first quarter
of fiscal 2017.
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Sales Volumes: Finished steel sales volumes in the third
quarter increased 33% sequentially due to seasonally higher construction
activity and 6% from the prior year third quarter.
Pricing: Average net sales prices for finished steel
products increased 5% sequentially and 9% from the prior year quarter,
primarily reflecting the impact of higher raw material prices.
Margins: Operating performance for the third quarter was
slightly above break-even, an improvement of $2 million sequentially,
reflecting seasonally higher shipped volumes. Third quarter results were
slightly below prior year operating income of $1 million as benefits
from higher sales volumes were offset by continued pressure from
low-priced imports which limited increases in selling prices and
compressed operating margins.
Corporate Items
In the third quarter, the Company substantially completed the execution
of its targeted $30 million of annual cost savings and productivity
measures announced in April 2016. Completion of this phase of savings
represents the full execution of our multi-year cost reduction and
productivity initiatives of $160 million which began at the end of
fiscal 2012.
In the third quarter, the Company generated positive operating cash flow
of $45 million reflecting improved profitability and benefits from lower
working capital. Total debt at the end of the third quarter was $184
million and debt, net of cash was $169 million. The Company returned
capital to shareholders through its 93rd consecutive
quarterly dividend.
The Company's effective tax rate was an expense of 0.9% in the third
quarter which was lower than the federal statutory rate primarily due to
the Company’s full valuation allowance positions partially offset by
increases in deferred tax liabilities. The effective tax rate from
continuing operations for fiscal 2017 is expected to be approximately
3%, subject to financial performance for the remainder of the year.
Analysts' Conference Call: Third Quarter of Fiscal 2017
A conference call and slide presentation to discuss results will be held
today, June 26, 2017, at 11:30 a.m. EDT hosted by Tamara Lundgren,
President and Chief Executive Officer, and Richard Peach, Senior Vice
President, Chief Financial Officer, and Chief of Corporate Operations.
The call and the slides will be webcast and accessible on the Company's
website at www.schnitzersteel.com.
Summary financial data is provided in the following pages. The slides
and related materials will be available prior to the call on the website.
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SCHNITZER STEEL INDUSTRIES, INC.
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FINANCIAL HIGHLIGHTS
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(in thousands)
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(Unaudited)
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For the Three Months Ended
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For the Nine Months Ended
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May 31,
2017
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February 28,
2017
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May 31,
2016
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May 31,
2017
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May 31,
2016
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REVENUES:
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Auto and Metals Recycling:
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Ferrous revenues
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$
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272,099
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$
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230,177
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$
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194,961
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$
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686,030
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$
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498,500
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Nonferrous revenues(2)
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121,938
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91,512
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79,823
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304,386
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|
237,480
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Retail and other revenues(2)
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36,010
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27,680
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32,067
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93,938
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93,648
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Total Auto and Metals Recycling revenues
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430,047
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349,369
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306,851
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1,084,354
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829,628
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Steel Manufacturing Business
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81,964
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58,291
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70,924
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192,851
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|
201,217
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Intercompany sales eliminations
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(34,923
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)
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(25,576
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)
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|
(26,171
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)
|
|
|
(83,872
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)
|
|
(68,965
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)
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Total revenues
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$
|
477,088
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|
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$
|
382,084
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|
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$
|
351,604
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$
|
1,193,333
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$
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961,880
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OPERATING INCOME (LOSS):
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|
|
|
|
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|
|
|
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AMR operating income(3)
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$
|
29,801
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|
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$
|
26,359
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|
|
$
|
26,870
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|
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$
|
68,579
|
|
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$
|
2,555
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SMB operating income (loss)(3)
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$
|
411
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|
|
$
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(1,746
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)
|
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$
|
1,246
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|
|
|
$
|
(4,416
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)
|
|
$
|
2,799
|
|
|
Consolidated operating income (loss)
|
|
$
|
19,147
|
|
|
$
|
14,171
|
|
|
$
|
14,886
|
|
|
|
$
|
33,905
|
|
|
$
|
(26,217
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted AMR operating income(1)(3)
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|
$
|
28,586
|
|
|
$
|
25,942
|
|
|
$
|
26,731
|
|
|
|
$
|
66,808
|
|
|
$
|
29,640
|
|
|
Adjusted SMB operating income (loss)(1)(3)
|
|
411
|
|
|
(1,746
|
)
|
|
1,246
|
|
|
|
(4,015
|
)
|
|
2,799
|
|
|
Adjusted segment operating income(1)(3)
|
|
28,997
|
|
|
24,196
|
|
|
27,977
|
|
|
|
62,793
|
|
|
32,439
|
|
|
Corporate expense(4)
|
|
(11,272
|
)
|
|
(10,430
|
)
|
|
(10,669
|
)
|
|
|
(30,684
|
)
|
|
(25,283
|
)
|
|
Intercompany eliminations
|
|
300
|
|
|
(506
|
)
|
|
(2,019
|
)
|
|
|
226
|
|
|
1,549
|
|
|
Adjusted operating income(1)
|
|
18,025
|
|
|
13,260
|
|
|
15,289
|
|
|
|
32,335
|
|
|
8,705
|
|
|
Goodwill impairment charge
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
(8,845
|
)
|
|
Other asset impairment charges (recoveries), net
|
|
1,044
|
|
|
—
|
|
|
—
|
|
|
|
643
|
|
|
(18,458
|
)
|
|
Restructuring charges and other exit-related activities
|
|
(93
|
)
|
|
494
|
|
|
(542
|
)
|
|
|
200
|
|
|
(7,758
|
)
|
|
Recoveries related to the resale or modification of previously
contracted shipments
|
|
171
|
|
|
417
|
|
|
139
|
|
|
|
727
|
|
|
139
|
|
|
Total operating income (loss)
|
|
$
|
19,147
|
|
|
$
|
14,171
|
|
|
$
|
14,886
|
|
|
|
$
|
33,905
|
|
|
$
|
(26,217
|
)
|
|
(1) See Non-GAAP Financial Measures for reconciliation to U.S. GAAP.
|
|
(2) An adjustment of certain intrasegment items was made between
nonferrous revenues and retail and other revenues for the three and
nine months ended May 31, 2016 to conform to the presentation for
the periods in fiscal 2017. The adjustment had no impact on
previously reported total revenues or earnings.
|
|
(3) Segment operating income (loss) does not include the impact of
restructuring charges and other exit-related activities.
|
|
(4) Excludes a $79 thousand impairment charge related to Corporate
for the nine months ended May 31, 2016, which is also excluded from
adjusted operating income (loss) for those periods.
|
|
|
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
|
|
May 31,
2017
|
|
February 28,
2017
|
|
May 31,
2016
|
|
|
May 31,
2017
|
|
May 31,
2016
|
|
Revenues
|
|
$
|
477,088
|
|
|
$
|
382,084
|
|
|
$
|
351,604
|
|
|
|
$
|
1,193,333
|
|
|
$
|
961,880
|
|
|
Cost of goods sold
|
|
411,109
|
|
|
326,804
|
|
|
294,738
|
|
|
|
1,033,805
|
|
|
839,262
|
|
|
Selling, general and administrative
|
|
48,451
|
|
|
43,823
|
|
|
41,696
|
|
|
|
129,766
|
|
|
113,713
|
|
|
(Income) loss from joint ventures
|
|
(668
|
)
|
|
(2,220
|
)
|
|
(258
|
)
|
|
|
(3,300
|
)
|
|
61
|
|
|
Goodwill impairment charge
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
8,845
|
|
|
Other asset impairment charges (recoveries), net
|
|
(1,044
|
)
|
|
—
|
|
|
—
|
|
|
|
(643
|
)
|
|
18,458
|
|
|
Restructuring charges and other exit-related activities
|
|
93
|
|
|
(494
|
)
|
|
542
|
|
|
|
(200
|
)
|
|
7,758
|
|
|
Operating income (loss)
|
|
19,147
|
|
|
14,171
|
|
|
14,886
|
|
|
|
33,905
|
|
|
(26,217
|
)
|
|
Interest expense
|
|
(2,131
|
)
|
|
(2,097
|
)
|
|
(2,905
|
)
|
|
|
(5,969
|
)
|
|
(6,779
|
)
|
|
Other income (loss), net
|
|
524
|
|
|
357
|
|
|
(81
|
)
|
|
|
1,318
|
|
|
763
|
|
|
Income (loss) from continuing operations before income taxes
|
|
17,540
|
|
|
12,431
|
|
|
11,900
|
|
|
|
29,254
|
|
|
(32,233
|
)
|
|
Income tax expense
|
|
(161
|
)
|
|
(637
|
)
|
|
(95
|
)
|
|
|
(736
|
)
|
|
(810
|
)
|
|
Income (loss) from continuing operations
|
|
17,379
|
|
|
11,794
|
|
|
11,805
|
|
|
|
28,518
|
|
|
(33,043
|
)
|
|
Loss from discontinued operations, net of tax
|
|
(127
|
)
|
|
(95
|
)
|
|
(116
|
)
|
|
|
(275
|
)
|
|
(1,206
|
)
|
|
Net income (loss)
|
|
17,252
|
|
|
11,699
|
|
|
11,689
|
|
|
|
28,243
|
|
|
(34,249
|
)
|
|
Net income attributable to noncontrolling interests
|
|
(687
|
)
|
|
(662
|
)
|
|
(689
|
)
|
|
|
(1,967
|
)
|
|
(1,294
|
)
|
|
Net income (loss) attributable to SSI
|
|
$
|
16,565
|
|
|
$
|
11,037
|
|
|
$
|
11,000
|
|
|
|
$
|
26,276
|
|
|
$
|
(35,543
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to SSI:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share from continuing operations attributable to
SSI
|
|
$
|
0.60
|
|
|
$
|
0.40
|
|
|
$
|
0.41
|
|
|
|
$
|
0.97
|
|
|
$
|
(1.26
|
)
|
|
Loss per share from discontinued operations attributable to SSI
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
(0.04
|
)
|
|
Net income (loss) per share attributable to SSI(1)
|
|
$
|
0.60
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
|
$
|
0.96
|
|
|
$
|
(1.31
|
)
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share from continuing operations attributable to
SSI
|
|
$
|
0.60
|
|
|
$
|
0.40
|
|
|
$
|
0.41
|
|
|
|
$
|
0.96
|
|
|
$
|
(1.26
|
)
|
|
Loss per share from discontinued operations attributable to SSI
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
(0.04
|
)
|
|
Net income (loss) per share attributable to SSI(1)
|
|
$
|
0.60
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
|
$
|
0.95
|
|
|
$
|
(1.31
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
27,601
|
|
|
27,524
|
|
|
27,261
|
|
|
|
27,499
|
|
|
27,195
|
|
|
Diluted
|
|
27,703
|
|
|
27,864
|
|
|
27,327
|
|
|
|
27,692
|
|
|
27,195
|
|
|
Dividends declared per common share
|
|
$
|
0.1875
|
|
|
$
|
0.1875
|
|
|
$
|
0.1875
|
|
|
|
$
|
0.5625
|
|
|
$
|
0.5625
|
|
|
|
|
(1) May not foot due to rounding.
|
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
SELECTED OPERATING STATISTICS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
Fiscal
|
|
|
|
1Q17
|
|
2Q17
|
|
3Q17
|
|
2017
|
|
|
1Q16
|
|
2Q16
|
|
3Q16
|
|
4Q16
|
|
2016
|
|
Auto and Metals Recycling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous selling prices ($/LT)(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$
|
184
|
|
|
$
|
241
|
|
|
$
|
265
|
|
|
$
|
234
|
|
|
|
$
|
180
|
|
|
$
|
161
|
|
|
$
|
210
|
|
|
$
|
216
|
|
|
$
|
193
|
|
|
Export
|
|
$
|
202
|
|
|
$
|
252
|
|
|
$
|
254
|
|
|
$
|
236
|
|
|
|
$
|
179
|
|
|
$
|
174
|
|
|
$
|
218
|
|
|
$
|
205
|
|
|
$
|
195
|
|
|
Average
|
|
$
|
196
|
|
|
$
|
248
|
|
|
$
|
259
|
|
|
$
|
235
|
|
|
|
$
|
179
|
|
|
$
|
169
|
|
|
$
|
215
|
|
|
$
|
209
|
|
|
$
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrous sales volume (LT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
287,942
|
|
|
310,320
|
|
|
400,290
|
|
|
998,552
|
|
|
|
290,170
|
|
|
282,200
|
|
|
322,315
|
|
|
329,911
|
|
|
1,224,596
|
|
|
Export
|
|
545,947
|
|
|
541,716
|
|
|
550,940
|
|
|
1,638,603
|
|
|
|
515,109
|
|
|
454,924
|
|
|
509,686
|
|
|
584,373
|
|
|
2,064,092
|
|
|
Total
|
|
833,889
|
|
|
852,036
|
|
|
951,230
|
|
|
2,637,155
|
|
|
|
805,279
|
|
|
737,124
|
|
|
832,001
|
|
|
914,284
|
|
|
3,288,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous average price ($/LB)(1)(2)
|
|
$
|
0.58
|
|
|
$
|
0.65
|
|
|
$
|
0.66
|
|
|
$
|
0.63
|
|
|
|
$
|
0.63
|
|
|
$
|
0.59
|
|
|
$
|
0.59
|
|
|
$
|
0.59
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonferrous sales volume (000s LB)(2)
|
|
136,057
|
|
|
122,554
|
|
|
161,832
|
|
|
420,443
|
|
|
|
111,077
|
|
|
123,675
|
|
|
122,244
|
|
|
153,287
|
|
|
510,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Car purchase volume (000s)(4)
|
|
94
|
|
|
96
|
|
|
108
|
|
|
298
|
|
|
|
77
|
|
|
70
|
|
|
79
|
|
|
92
|
|
|
319
|
|
|
Auto stores at end of quarter
|
|
52
|
|
|
52
|
|
|
53
|
|
|
53
|
|
|
|
55
|
|
|
55
|
|
|
53
|
|
|
52
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Manufacturing Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average sales prices ($/ST)(1)(3)
|
|
$
|
492
|
|
|
$
|
517
|
|
|
$
|
545
|
|
|
$
|
521
|
|
|
|
$
|
554
|
|
|
$
|
504
|
|
|
$
|
501
|
|
|
$
|
528
|
|
|
$
|
522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales volume (ST)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rebar
|
|
73,903
|
|
|
69,136
|
|
|
84,166
|
|
|
227,205
|
|
|
|
85,899
|
|
|
71,935
|
|
|
84,193
|
|
|
88,591
|
|
|
330,618
|
|
|
Coiled products
|
|
23,934
|
|
|
34,371
|
|
|
54,629
|
|
|
112,934
|
|
|
|
32,482
|
|
|
33,742
|
|
|
42,168
|
|
|
29,891
|
|
|
138,283
|
|
|
Merchant bar and other
|
|
3,038
|
|
|
2,482
|
|
|
2,427
|
|
|
7,947
|
|
|
|
4,757
|
|
|
3,974
|
|
|
6,490
|
|
|
4,080
|
|
|
19,301
|
|
|
Total
|
|
100,875
|
|
|
105,989
|
|
|
141,222
|
|
|
348,086
|
|
|
|
123,138
|
|
|
109,651
|
|
|
132,851
|
|
|
122,562
|
|
|
488,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling mill utilization(5)
|
|
65
|
%
|
|
89
|
%
|
|
85
|
%
|
|
80
|
%
|
|
|
68
|
%
|
|
61
|
%
|
|
53
|
%
|
|
71
|
%
|
|
63
|
%
|
|
(1) Price information is shown after netting the cost of freight
incurred to deliver the product to the customer.
|
|
(2) Excludes PGM metals in catalytic converters.
|
|
(3) Excludes billet sales.
|
|
(4) Cars purchased by auto stores only.
|
|
(5) Rolling mill utilization for fiscal 2017 is based on effective
annual production capacity under current conditions of 580 thousand
tons of finished steel products, reflecting a decrease in the
effective finished steel production capacity resulting from the
decommissioning of the older rolling mill during the first quarter
of fiscal 2017.
|
|
|
|
|
|
SCHNITZER STEEL INDUSTRIES, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
May 31, 2017
|
|
|
August 31, 2016
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
15,209
|
|
|
|
$
|
26,819
|
|
Accounts receivable, net
|
|
127,457
|
|
|
|
113,952
|
|
Inventories
|
|
165,832
|
|
|
|
132,972
|
|
Other current assets
|
|
25,771
|
|
|
|
26,063
|
|
Total current assets
|
|
334,269
|
|
|
|
299,806
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
382,825
|
|
|
|
392,820
|
|
|
|
|
|
|
|
|
Goodwill and other assets
|
|
204,131
|
|
|
|
198,803
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
921,225
|
|
|
|
$
|
891,429
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
641
|
|
|
|
$
|
8,374
|
|
Other current liabilities
|
|
144,345
|
|
|
|
125,280
|
|
Total current liabilities
|
|
144,986
|
|
|
|
133,654
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
183,802
|
|
|
|
184,144
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
74,879
|
|
|
|
72,199
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Total Schnitzer Steel Industries, Inc. ("SSI") shareholders' equity
|
|
513,057
|
|
|
|
497,721
|
|
Noncontrolling interests
|
|
4,501
|
|
|
|
3,711
|
|
Total equity
|
|
517,558
|
|
|
|
501,432
|
|
Total liabilities and equity
|
|
$
|
921,225
|
|
|
|
$
|
891,429
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
This press release contains performance based on adjusted income (loss)
and adjusted diluted earnings (loss) per share from continuing
operations attributable to SSI and adjusted consolidated, AMR and SMB
operating income (loss), which are non-GAAP financial measures as
defined under SEC rules. As required by SEC rules, the Company has
provided reconciliations of these measures for each period discussed to
the most directly comparable U.S. GAAP measure. Management believes that
presenting adjusted non-GAAP financial measures provides a meaningful
presentation of our results from business operations excluding
adjustments for a goodwill impairment charge, other asset impairment
charges net of recoveries, restructuring charges and other exit-related
activities, recoveries related to the resale or modification of
previously contracted shipments, the non-cash write-off of debt issuance
costs, and the income tax expense (benefit) associated with these
adjustments, items which are not related to underlying business
operational performance, and improves the period-to-period comparability
of our results from business operations. Adjusted operating results in
fiscal 2015 excluded the impact of the resale or modification of the
terms, each at significantly lower prices due to sharp declines in
selling prices, of certain previously-contracted bulk shipments for
delivery during fiscal 2015. Recoveries resulting from settlements with
the original contract parties, which began in the third quarter of
fiscal 2016, are reported within SG&A expense in the quarterly
statements of operations and are also excluded from these measures.
Further, management believes that debt, net of cash is a useful measure
for investors because, as cash and cash equivalents can be used, among
other things, to repay indebtedness, netting this against total debt is
a useful measure of our leverage. These non-GAAP financial measures
should be considered in addition to, but not as a substitute for, the
most directly comparable U.S. GAAP measures.
|
|
|
|
|
|
|
|
($ in millions)
|
|
Quarter
|
|
|
YTD
|
|
|
|
3Q17
|
|
|
3Q16
|
|
|
2Q17
|
|
|
3Q17
|
|
|
3Q16
|
|
Consolidated operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
19
|
|
|
|
$
|
15
|
|
|
|
$
|
14
|
|
|
|
$
|
34
|
|
|
|
$
|
(26
|
)
|
|
Goodwill impairment charge
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9
|
|
|
Other asset impairment charges (recoveries), net
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
18
|
|
|
Restructuring charges and other exit-related activities
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
Recoveries related to the resale or modification of certain
previously contracted shipments
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
Adjusted consolidated operating income(1)
|
|
$
|
18
|
|
|
|
$
|
15
|
|
|
|
$
|
13
|
|
|
|
$
|
32
|
|
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMR operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
30
|
|
|
|
$
|
27
|
|
|
|
$
|
26
|
|
|
|
$
|
69
|
|
|
|
$
|
3
|
|
|
Goodwill impairment charge
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9
|
|
|
Other asset impairment charges (recoveries), net
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
18
|
|
|
Recoveries related to the resale or modification of certain
previously contracted shipments
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
Adjusted AMR operating income
|
|
$
|
29
|
|
|
|
$
|
27
|
|
|
|
$
|
26
|
|
|
|
$
|
67
|
|
|
|
$
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMB operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$
|
—
|
|
|
|
$
|
1
|
|
|
|
$
|
(2
|
)
|
|
|
$
|
(4
|
)
|
|
|
$
|
3
|
|
|
Other asset impairment charges
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Adjusted SMB operating income (loss)
|
|
$
|
—
|
|
|
|
$
|
1
|
|
|
|
$
|
(2
|
)
|
|
|
$
|
(4
|
)
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) May not foot due to rounding.
|
|
|
|
|
|
Income (loss) from continuing operations attributable to SSI
|
|
($ in millions)
|
|
Quarter
|
|
|
YTD
|
|
|
|
3Q17
|
|
|
3Q16
|
|
|
2Q17
|
|
|
3Q17
|
|
|
3Q16
|
|
Income (loss) from continuing operations attributable to SSI
|
|
$
|
17
|
|
|
|
$
|
11
|
|
|
|
$
|
11
|
|
|
|
27
|
|
|
|
(34
|
)
|
|
Goodwill impairment charge
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
9
|
|
|
Other asset impairment charges (recoveries), net
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
18
|
|
|
Restructuring charges and other exit-related activities
|
|
—
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
|
Recoveries related to the resale or modification of certain
previously contracted shipments
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
Non-cash write-off of debt issuance costs
|
|
—
|
|
|
|
1
|
|
|
|
|
|
|
—
|
|
|
|
1
|
|
|
Income tax expense (benefit) allocated to adjustments(1)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
Adjusted income from continuing operations attributable to SSI(2)
|
|
$
|
16
|
|
|
|
$
|
13
|
|
|
|
$
|
10
|
|
|
|
$
|
25
|
|
|
|
$
|
2
|
|
|
(1) Income tax allocated to the aggregate adjustments reconciling
Reported and Adjusted income (loss) from continuing operations
attributable to SSI is determined based on a tax provision
calculated with and without the adjustments.
|
|
(2) May not foot due to rounding.
|
|
|
|
|
|
Diluted earnings (loss) per share from continuing operations
attributable to SSI
|
|
($ per share)
|
|
Quarter
|
|
|
YTD
|
|
|
|
3Q17
|
|
|
3Q16
|
|
|
2Q17
|
|
|
3Q17
|
|
|
3Q16
|
|
Net income (loss) per share attributable to SSI
|
|
$
|
0.60
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.95
|
|
|
|
$
|
(1.31
|
)
|
|
Less: Loss per share from discontinued operations attributable to SSI
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
(0.04
|
)
|
|
Income (loss) per share from continuing operations attributable to
SSI(1)
|
|
0.60
|
|
|
|
0.41
|
|
|
|
0.40
|
|
|
|
0.96
|
|
|
|
(1.26
|
)
|
|
Goodwill impairment charge, per share
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.33
|
|
|
Other asset impairment charges (recoveries), net, per share
|
|
(0.04
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.02
|
)
|
|
|
0.68
|
|
|
Restructuring charges and other exit-related activities, per share
|
|
—
|
|
|
|
0.02
|
|
|
|
(0.02
|
)
|
|
|
(0.01
|
)
|
|
|
0.29
|
|
|
Recoveries related to the resale or modification of previously
contracted shipments, per share
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
|
(0.01
|
)
|
|
Non-cash write-off of debt issuance costs
|
|
—
|
|
|
|
0.03
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
Income tax expense (benefit) allocated to adjustments, per share(2)
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.03
|
|
|
Adjusted diluted EPS from continuing operations attributable to SSI(1)
|
|
$
|
0.56
|
|
|
|
$
|
0.46
|
|
|
|
$
|
0.37
|
|
|
|
$
|
0.90
|
|
|
|
$
|
0.08
|
|
|
(1) May not foot due to rounding.
|
|
(2) Income tax allocated to the aggregate adjustments reconciling
Reported and Adjusted diluted earnings per share from continuing
operations attributable to SSI is determined based on a tax
provision calculated with and without the adjustments.
|
|
|
|
|
|
|
|
|
|
|
Debt, net of cash
|
|
|
|
|
|
|
($ in thousands)
|
|
|
|
|
|
|
|
|
May 31, 2017
|
|
|
August 31, 2016
|
|
Short-term borrowings
|
|
$
|
641
|
|
|
$
|
8,374
|
|
Long-term debt, net of current maturities
|
|
183,802
|
|
|
184,144
|
|
Total debt
|
|
184,443
|
|
|
192,518
|
|
Less: cash and cash equivalents
|
|
15,209
|
|
|
26,819
|
|
Total debt, net of cash
|
|
$
|
169,234
|
|
|
$
|
165,699
|
|
|
|
|
|
|
|
|
|
|
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and
exporters of recycled metal products in the United States with operating
facilities located in 23 states, Puerto Rico and Western Canada.
Schnitzer has seven deep water export facilities located on both the
East and West Coasts and in Hawaii and Puerto Rico. The Company's
integrated operating platform also includes auto parts stores with
approximately 5 million annual retail visits. The Company's steel
manufacturing business produces finished steel products, including
rebar, wire rod and other specialty products. The Company began
operations in 1906 in Portland, Oregon.
Safe Harbor for Forward-Looking Statements
Statements and information included in this press release that are not
purely historical are forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 and are made pursuant
to the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Except as noted herein or as the context may
otherwise require, all references in this press release to “we,” “our,”
“us,” “Company,” “Schnitzer,” and “SSI” refer to Schnitzer Steel
Industries, Inc. and its consolidated subsidiaries.
Forward-looking statements in this press release include statements
regarding future events or our expectations, intentions, beliefs and
strategies regarding the future, which may include statements regarding
trends, cyclicality and changes in the markets we sell into; the
Company's outlook, growth initiatives or expected results or objectives,
including pricing, margins, sales volumes and profitability; strategic
direction or goals; targets; changes to manufacturing and production
processes; the cost of and the status of any agreements or actions
related to our compliance with environmental and other laws; expected
tax rates, deductions and credits; the realization of deferred tax
assets; planned capital expenditures; liquidity positions; ability to
generate cash from continuing operations; the potential impact of
adopting new accounting pronouncements; obligations under our retirement
plans; benefits, savings or additional costs from business realignment,
cost containment and productivity improvement programs; and the adequacy
of accruals.
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain, and often contain words such as “outlook,”
“target,” “aim,” “believes,” “expects,” “anticipates,” “intends,”
“assumes,” “estimates,” “evaluates,” “may,” “will,” “should,” “could,”
“opinions,” “forecasts,” “projects,” “plans,” “future,” “forward,”
“potential,” “probable,” and similar expressions. However, the absence
of these words or similar expressions does not mean that a statement is
not forward-looking. We may make other forward-looking statements from
time to time, including in reports filed with the Securities and
Exchange Commission, press releases, presentations and on public
conference calls. All forward-looking statements we make are based on
information available to us at the time the statements are made, and we
assume no obligation to update any forward-looking statements, except as
may be required by law. Our business is subject to the effects of
changes in domestic and global economic conditions and a number of other
risks and uncertainties that could cause actual results to differ
materially from those included in, or implied by, such forward-looking
statements. Some of these risks and uncertainties are discussed in “Item
1A. Risk Factors” in Part I of our most recent Annual Report on Form
10-K, as supplemented in “Item 1A. Risk Factors” in Part II of
subsequent Quarterly Reports on Form 10-Q. Examples of these risks
include: potential environmental cleanup costs related to the Portland
Harbor Superfund site or other locations; the cyclicality and impact of
general economic conditions; instability in international markets;
volatile supply and demand conditions affecting prices and volumes in
the markets for both our products and raw materials we purchase;
imbalances in supply and demand conditions in the global steel industry;
the impact of goodwill impairment charges; the impact of long-lived
asset and joint venture investment impairment charges; the realization
of expected benefits or cost reductions associated with productivity
improvement and restructuring initiatives; difficulties associated with
acquisitions and integration of acquired businesses; customer
fulfillment of their contractual obligations; changes in the relative
value of the U.S. dollar; the impact of foreign currency fluctuations;
potential limitations on our ability to access capital resources and
existing credit facilities; restrictions on our business and financial
covenants under our bank credit agreement; the impact of the
consolidation in the steel industry; inability to realize expected
benefits from investments in technology; freight rates and the
availability of transportation; the impact of equipment upgrades,
equipment failures and facility damage on production; product liability
claims; the impact of legal proceedings and legal compliance; the
adverse impact of climate change; the impact of not realizing deferred
tax assets; the impact of tax increases and changes in tax rules; the
impact of one or more cybersecurity incidents; costs associated with
compliance with environmental regulations; inability to obtain or renew
business licenses and permits; compliance with greenhouse gas emission
regulations; reliance on employees subject to collective bargaining
agreements; and the impact of the underfunded status of multiemployer
plans in which we participate.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170626005246/en/
Source: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra
Deignan, 646-278-9711
[email protected]
or
Company
Info:
www.schnitzersteel.com
[email protected]