Schnitzer quarterly earnings hurt by auto parts operations

Oct 07, 2005 | 04:45 AM | Frank Haflich

Lower operating results at Schnitzer Steel Industries Inc.'s auto parts and steel manufacturing operations, as well as higher capital spending, helped drag fiscal fourth-quarter net income down 9.2 percent despite a rise in scrap earnings.

SCHNITZER STEEL INDUSTRIES INC.(in thousands except per share) 20052004Year ended Aug. 31Net sales$853,078$688,220Net income$146,867$111,181Per share4.723.584th qtr. ended Aug. 31Net sales$195,680$204,491Net income$34,442$37,940Per share1.111.22Meanwhile, based on the current order backlog, the Portland, Ore.,-based metals recycler and trader said ferrous selling prices for the fiscal first quarter of 2006 ending Nov. 30 should "approximate" those in the fourth quarter, which averaged $211 a long ton, an increase of 6 percent from the same period a year earlier. The 6-percent increase was....

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