Schnitzer Steel Industries, Inc. announced unaudited consolidated earnings and operating results for the first quarter ended November 30, 2017. For the quarter, the company reported total revenues of $483,279,000 against $334,161,000 a year ago. Total operating income was $26,423,000 against $587,000 a year ago. Income from continuing operations before income taxes was $25,213,000 against loss of $717,000 a year ago. Income from continuing operations was $19,256,000 or $0.64 per diluted share against loss of $655,000 or $0.05 per basic and diluted share a year ago. Net income attributable to the company was $18,364,000 or $0.64 per diluted share against loss of $1,326,000 or $0.05 per basic and diluted share a year ago. Adjusted operating income was $26 million against $1 million a year ago. Adjusted net income from continuing operations attributable to the company was $18 million or $0.63 per diluted share against loss of $1 million or $0.03 per diluted share a year ago. Total debt of $185 million at the end of the first quarter of fiscal 2018 was $40 million higher than at the end of fiscal 2017, and debt, net of cash was $176 million. The increase in debt was driven primarily by negative operating cash flow of $16 million, as positive cash flows associated with improved profitability were more than offset by an increase in net working capital in the higher price and volume environment and by the timing of payment of incentive compensation earned in fiscal 2017.

For the quarter, the company reported ferrous sales volume of 912,145 LT against 833,889 LT a year ago. Total nonferrous sales volume was 141,046,000 LB against 136,057,000 LB a year ago.