Schnitzer Steel net income up 94%
Portland, OR— Schnitzer
Steel Industries, Inc. reported net income of $36.0 million or
$1.15 per diluted share on revenues of $215.7 million for its
fiscal 2005 second quarter that ended February 28, 2005. In comparison,
the Company reported net income of $18.5 million or $0.60 per
diluted share on revenues of $161.6 million for the second quarter
of fiscal 2004.
For the first six months of fiscal
2005, Schnitzer Steel reported net income of $78.9 million or
$2.53 per diluted share on revenues of $414.7 million. These amounts
compare to net income of $30.7 million or $0.99 per diluted share
on revenues of $290.0 million that were reported during the first
half of fiscal 2004.
Metals Recycling Business: The
Company’s wholly-owned Metals Recycling Business’
second quarter 2005 operating income was $39.5 million compared
to $13.2 million in the second quarter of fiscal 2004.
Joint Venture Businesses: Second
quarter 2005 operating income from joint venture businesses was
$16.2 million, compared to $8.7 million reported for last year’s
second quarter. The increase in operating profit was principally
caused by higher average selling prices and an increase in the
quarterly ferrous metal sales volumes.
Auto Parts Business: During the
second quarter of fiscal 2005, the Auto Parts Business reported
operating income of $7.2 million representing an increase of 42%
over the second quarter of fiscal 2004.