Shares of Schnitzer Steel (SCHN - Cramer's Take - Stockpickr - Rating) soared 16% Monday after the steel and metal-products maker handily topped Wall Street's third-quarter forecasts.
For the quarter ended May 31, Schnitzer's earnings jumped to $43.8 million, or $1.47 a share, from $30.2 million, or 98 cents a share, a year earlier. Revenue rose to $709.4 million from $505.6 million.
Analysts polled by Thomson Financial had an average estimate for earnings of $1.07 a share and revenue of $632 million.
Schnitzer said its metals recycling unit benefited from strong overseas business, while its auto-parts division was helped by higher parts sales and scrap volumes. The steel-manufacturing division was boosted by record prices, Schnitzer said.
The report comes ahead of earnings from metal giant Alcoa (AA - Cramer's Take - Stockpickr - Rating) after the bell.
Shares of Schnitzer recently were up $8.14 to $60.56.
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