I hope no one minds if I start a thread speculating which company will join Nike & Precision Castparts as a Fortune 500 company. At this point, I'd posit:
Tuesday, July 1, 2008
Schnitzer Steel has record 3QPortland Business Journal
The surging price of steel scrap helped Schnitzer Steel Industries Inc. hit new quarterly records, the scrap metal company said Tuesday.
Portland-based Schnitzer (NYSE: SCHN) reported income of $62 million, or $2.14 per share, for the quarter ending May 31 -- a 46 percent increase from the same quarter a year ago. Its revenues for the quarter jumped to $972 million, a 37 increase from the third quarter of 2007.
Schnitzer easily beat the $1.87 per share estimates of analysts polled by Thomson financial.
"We are pleased to report the strongest quarterly financial results in the company's history," John D. Carter, the company's president and CEO, said in a news release.
All three of the company's operating divisions -- metals recycling, auto parts, and steel manufacturing -- posted record revenues and operating income for the quarter.
The company has been bolstered by the rising price of scrap metal sparked largely by demand in developing overseas markets.
Schnitzer's metals recycling segment -- by far its largest business -- saw revenue increase 38 percent in the quarter as ferrous scrap metal prices jumped 57 percent to average $463 per ton.
The outlook for the fourth quarter is just as promising.
In a press release, Schnitzer said it expects average ferrous selling prices to increase another $100 to $125 per ton over third quarter prices, and sales volumes are expected to increase by 175,000 to 200,000 tons.
Shares of Schnitzer -- which cracked the $100 per share barrier for the first time in May -- hit $114.84 per share in late-morning trading, up only 24 cents from Monday's closing.
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Also, here's a link to Yahoo! Financial (an underrated site for finding facts about various corporations) where estimates for this year's revenue to be around 3.5 billion and next year's to be around 4.4 billion: