Schnitzer Steel Industries, Inc. (SCHN) saw its loss narrow to $1.33 million, or $0.05 a share for the quarter ended Nov. 30, 2016. In the previous year period, the company reported a loss of $5.30 million, or $0.20 a share. On the other hand, adjusted net loss for the quarter narrowed to $1 million, or $0.03 a share from a loss of $4 million or $0.13 a share, a year ago. Revenue during the quarter grew 4.04 percent to $334.16 million from $321.20 million in the previous year period. Gross margin for the quarter expanded 14 basis points over the previous year period to 11.45 percent. Operating margin for the quarter period stood at positive 0.18 percent as compared to a negative 1.25 percent for the previous year period.
Operating income for the quarter was $0.59 million, compared with an operating loss of $4.03 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $1 million compared to operating loss of $2 million in prior year period.
"In the first quarter, AMR delivered a substantial increase in operating income compared to the prior year quarter, largely due to the increased contributions from the successful implementation of our cost savings and productivity initiatives. In the second quarter, our expectations for improved performance are underpinned by the stronger market environment that we are experiencing as well as continued progress on our strategic initiatives to reduce costs, deliver internally-generated synergies and drive further productivity initiatives," commented Tamara Lundgren, president and chief executive officer.
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