NEW YORK (CNN/Money) - Schnitzer Steel Industries Inc. reported that its second-quarter profit more than doubled thanks to strong demand in the United States and Asia, sending its shares soaring in after-hours trading.

Net income for the quarter surged to $18.5 million, or 89 cents per share, from $8.4 million, or 44 cents per share, a year earlier.

Excluding charges the Portland, Oregon-based company, which recycles and exports scrap steel, earned 60 cents a share for the quarter, beating Wall Street's 47-cents-per-share forecast, as obtained by Reuters Research.

Schnitzer's (SCHN: Research, Estimates) shares stormed 16 percent higher to $37.26 in after-hours trade on INET electronic brokerage after having closed at $32.12 on the Nasdaq.

Wm. Wrigley Jr. Co. completed its acquisition of the Joyco gum and candy business for approximately 215 million ($260 million), adding Boomer bubble gum and Pim Pom lollipops to its product line.

The acquisition is expected to reduce the company's current year earnings by less than 5 cents per share, but add to earnings in 2005.

Shares of Wrigley (WWY: Research, Estimates), the world's largest chewing gum maker, closed at $59.00 on the New York Stock Exchange.

XM Satellite Radio announced it added 320,000 subscribers in the first-quarter of 2004, bringing its total subscriber roll to 1.68 million.

The Washington, DC-based satellite radio broadcaster said it expects to have 2.8 million subscribers by the end of 2004.

XM Satellite (XMSR: Research, Estimates) shares climbed 6 percent from its $28.34 Nasdaq closing price to $30.08 on INET.

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Regeneron Pharmaceuticals Inc. (REGN: Research, Estimates) shares edged up 3.4 percent to $30.08 on INET on the back of news that Swiss drugmaker Novartis would pay it $42.75 million for its work on an experimental treatment for rheumatoid arthritis. Its stock closed at $13.53 on Nasdaq.

The payment fulfills Novartis' financial obligation to the biotechnology company following a decision by Novartis to give up its right to jointly develop the anti-inflammatory drug known as Interleukin-1 Trap.

Kana Software Inc. warned that it may post a net loss during the first-quarter as several sales transactions failed to close by March 31.

The Menlo Park, California-based software maker foresees a net loss ranging from 13 cents to 16 cents per share for the quarter, down from 17 cents a share in the year-earlier period.

Revenue is expected to fall to $13 million compared to $18 million in the same quarter last year.

Kana (KANA: Research, Estimates) shares dived 17.8 percent to $3.70 on INET after having finished at $4.50 on the Nasdaq.

Friday will be a light day for earnings results with only grocery store chain Pathmark Stores (PTMK: Research, Estimates) reporting. But earnings season revs up next week with aluminum maker Alcoa (AA: Research, Estimates), a Dow component, presenting its quarterly figures on Monday.  

--from staff and wire reports