RTTNews | Jan 6, 2022 10:34AM EST

10:34 Thursday, January 6, 2022 (RTTNews.com) - Shares of Schnitzer Steel Industries, Inc. (SCHN) are down more than 12% Thursday morning after reporting first-quarter results, that missed analysts' view.

The company reported adjusted earnings of $1.58 per share in the first quarter. Analysts polled by Thomson Reuters expected earnings $1.76 per share.

Net income in the first quarter increased to $47 million from $15 million last year.

Earnings from continuing operations were $1.55 per share compared with $0.50 per share in the same quarter a year ago.

Revenue for the quarter increased to $798 million from $492 million last year, but came in below the consensus estimate of $857.06 million.

SCHN is at $46.82 currently. It has traded in the range of $27.72- $59.34 in the last 52 weeks.

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