Schnitzer issues bright report.Schnitzer Steel Industries Inc., Portland, Ore., has reported both revenue and net income figures are up significantly from the same quarter of last year. For the quarter ending March 31, 2004 (the second quarter of Schnitzer's fiscal 2004 year), the company earned net income of $18.5 million on revenue of $161.6 million. In the same time period last year, the company reported net income of $8.4 million on revenue of $124.7 million. "The second quarter of fiscal 2004 was a strong quarter for Schnitzer Steel," says Robert Philip, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the company. "In fact, our quarterly net income achieved record levels, and our income from operations exceeded the forecasted range we provided in our last earnings release. The quarter's results were led by the exceptional performance of our wholly owned Metals Recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. Business," he states. Schnitzer's Metals Recycling Business reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $13.2 million for the second quarter, an improvement of $4.7 million from the same quarter last year. The improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: were primarily driven by higher average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. , which rose by 42 percent and by 13 percent, from the second quarter of fiscal 2003 and the first quarter of 2004, respectively, Schnitzer reports. "Overall, markets for recycled ferrous ferrous (fĕr`əs), iron in the +2 valence state. Containing or having to do with iron. The difference between ferrous and ferric is the number of valence electrons they contain (ferrous contains two and ferric contains three), which metal were strong and rising throughout the second quarter," Philip remarks. "Demand continued to remain good in Asia, but the domestic market seemed to show the greatest improvement, as demand and prices for finished steel products rose. Partially offsetting the higher ferrous metal selling prices were sharp rises in the amounts paid for both unprocessed metal and export shipping costs." Ferrous sales volumes amounted to 501,000 tons in the second quarter, compared to 555,000 tons in last year's second quarter. The Steel Manufacturing Business also returned to profitability and the Pick-N-Pull auto dismantling dis·man·tle tr.v. dis·man·tled, dis·man·tling, dis·man·tles 1. a. To take apart; disassemble; tear down. b. business also expanded in the second quarter. |
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