Schnitzer Steel Industries, Inc. today reported financial results for its fourth quarter and fiscal year ended August 31, 2016. The company reported earnings per share from continuing operations of $0.59 for the fourth quarter. For the third quarter of fiscal 2016, reported earnings per share from continuing operations was $0.41. For the fourth quarter of fiscal 2015, reported earnings per share from continuing operations was $0.42.
For the fourth quarter, operating income in the Auto and Metals Recycling (AMR) business increased 29 percent year over year as benefits from cost reduction and productivity initiatives more than offset the adverse impact of lower selling prices and sales volumes. Although the fourth quarter represented the highest quarterly ferrous and nonferrous sales volumes in fiscal 2016, during the quarter prices for recycled metals fell sharply in June before stabilizing in the second half of the quarter.
Both ferrous and nonferrous sales volumes in the fourth quarter represented the highest quarterly shipments in fiscal 2016. Compared to the prior year fourth quarter, ferrous sales volumes of 914,000 tons decreased 2 percent. Sequentially, ferrous sales volumes in the fourth quarter increased 10 percent, primarily due to higher export demand. Export customers accounted for 64 percent of total ferrous sales volumes in the fourth quarter.