January 6, 2012 / 1:46 PM / 6 years ago

UPDATE 1-Commercial Metals Q1 profit beats Street view

2 Min Read

* Q1 adj EPS $0.20 vs est $0.16

* Sales $1.99 bln vs est $2.05 bln

* Sees slow second quarter

Jan 6 (Reuters) - Commercial Metals, which has been trying to fend off a $1.73 billion takeover bid from Carl Icahn, posted a higher-than-expected quarterly profit, helped by a rise in volumes, selling prices and margins.

The metals recycler, which last month asked its shareholders to reject the billionaire investor's $15-a-share tender offer, said it expects a seasonally slow second quarter. It, however, expects a rise in scrap prices to benefit its recycling operations.

The company's net earnings from continuing operations were $125.0 million, or $1.07 per share, compared with $14.9 million, or 13 cents per share, a year ago.

Excluding items, it posted a profit of 20 cents a share, higher than the average Wall Street estimate of 16 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 11 percent to $1.99 billion. Analysts had expected $2.05 billion.

Shares of the Irving, Texas-based company closed at $14.42 on Thursday on the New York Stock Exchange.

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