Schnitzer Steel Industries, Inc. announced unaudited consolidated earnings and operating results for the first quarter ended November 30, 2014. For the quarter, the company reported revenues of $555,590,000 against $587,745,000 a year ago. Operating income was $78,000 against operating loss of $3,625,000 a year ago. Loss before income taxes was $1,593,000 against $6,151,000 a year ago. Net loss attributable to SSI was $2,472,000 or $0.09 per diluted share against $6,228,000 or $0.23 per diluted share a year ago. Loss from continues operations was $1,601,000 or $0.09 per diluted share against $5,367,000 or $0.23 per diluted share a year ago. Adjusted operating income was $6 million against adjusted operating loss of $2 million a year ago. Adjusted net income attributable to SSI was $2 million or $0.08 per diluted share against loss of $5 million or $0.18 per diluted share a year ago. Net debt of $326 million at the end of the first quarter was $32 million higher than at the end of the fourth quarter in fiscal 2014 due to increased net working capital which included the impact of the timing of shipments. During the first quarter of fiscal 2015, all three business segments generated positive operating income, largely due to benefits from productivity initiatives.

For the quarter, the company reported Ferrous sales volume of 938,000 LT against 978,000 LT a year ago. Nonferrous Sales volume was 127 million LB against 124 million LB a year ago. Ferrous sales volumes declined 4% from the prior year quarter, primarily due to weaker export demand and the impact of the lower price environment on scrap supply and the timing of shipments. Nonferrous sales volumes increased 3% from the prior year quarter, largely due to higher processing efficiencies.

For the year 2015, the company anticipates a full year effective tax rate of 27%, subject to financial performance for the remainder of the year. The company expects to invest approximately $40 million in capital expenditures in the fiscal 2015.