Radius Recycling reports Q1 adjusted EPS ($1.33) vs. (64c) last year

Reports Q1 revenue $656.54M vs. $672.9M last year. Tamara Lundgren, chairman and CEO, said, “While market conditions during the quarter were more challenging than a year ago, our year-over-year consolidated operating results withstood the additional headwinds. The contribution from our recycled metals business improved versus a year ago, driven by benefits realized from our cost reduction and productivity measures and stronger nonferrous demand, which offset the tight scrap environment and the softer global ferrous markets. The contribution from finished steel declined year-over-year due to weaker domestic steel conditions and a scheduled maintenance outage. Our steel mill utilization of 81%, while down sequentially, was still higher than the U.S. average of 75%, reflecting relatively stronger markets for long products.”