Shares of Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) rose to an all time high on Monday as higher volumes and margins in its metals recycling business, sent second-quarter profits up nearly 33 percent.
In the latest second quarter, the company earned $28.4 million, or 93 cents a share, on revenue of $604.4 million. A year ago, the firm reported earnings of 68 cents per share, or $21.1 million. Analysts polled by Thomson financial expected the company to earn 62 cents a share, on revenue of $493 million.
The firm expects robust international markets for scrap metal in the third quarter, forecasting prices for scrap metal to be about $40 to $50 per ton higher, versus the previous quarter.
The Portland, Oregon-based company said ferrous scrap volumes were expected to decline, by 100,000 to 150,000 tons from the second quarter.
Shares of the firm were up $5.19 in afternoon trading, rising 12.7 percent to $45.92 on the Nasdaq Stock Market. Earlier, the shares hit an all time high of $46.48.