Schnitzer shares jump on record returns

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Shares of Schnitzer Steel Industries Inc. surged more than 16 percent early Monday after the company announced record third quarter results.

The Portland-based company had $709 million in sales for the quarter ended May 31, a 40 percent increase from last year. As a result, earnings jumped to $44 million, or $1.47 per share.

The quarter blew away analysts' forecasts of $1.07 in earnings per share. The company had earnings of $30 million, or 98 cents per share, during the third quarter last year.

Shares jumped to $60.81 in late morning trading.

Last year's results reflected a $4 million charge for settling Securities and Exchange Commission and Department of Justice investigations related to bribing foreign officials.

Schnitzer is one of the nation's largest manufacturers and exporters of recycled metal. It has facilities in 11 states.

Published July 9, 2007 by the Portland Business Journal

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