RTTNews | Jan 6, 2022 08:27AM EST

08:27 Thursday, January 6, 2022 (RTTNews.com) - Schnitzer Steel Industries, Inc. (SCHN) reported first quarter adjusted earnings per share from continuing operations of $1.58, compared to $0.57, prior year. The company said its first quarter performance benefited from the strong global demand for recycled metals and a robust West Coast market for finished steel products. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.76, for the quarter. Analysts' estimates typically exclude special items.

Net income was $47 million, compared to $15 million, a year ago. Earnings per share from continuing operations was $1.55, compared to $0.50.

Revenues increased to $798 million from $492 million, last year. Analysts on average had estimated $857.06 million in revenue.

The Board declared a cash dividend of $0.1875 per common share, payable February 14, 2022 to shareholders of record on January 31, 2022.

Shares of Schnitzer Steel Industries were up 2% in pre-market trade on Thursday.

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