* Q3 EPS $0.35 vs est $0.37
* Q3 rev $2 bln vs est $2.14 bln
June 27 Metal recycler Commercial Metals Co's
third-quarter profit missed analysts' expectations, hurt
by lower margins at its international mill segment.
Billionaire investor Carl Icahn cut his stake in Commercial
Metals to 7.49 percent from 9.98 percent in April, three months
after his $1.73 billion hostile bid failed to pick up support
among the company's other shareholders.
Commercial Metals' net profit rose to $40.7 million, or 35
cents per share, for the quarter ended May 31, compared with
$36.2 million, or 31 cents per share, last year.
Net sales fell 5 percent to $2 billion.
Analysts on average had expected earnings of 37 cents per
share, on revenue of $2.14 billion, according to Thomson Reuters
International mill shipments declined 12 percent and sales
at the segment, which makes up 13 percent of total sales, fell
The company said it expects the segment to continue facing
difficult market conditions in the current quarter.
Shares of Irving, Texas-based Commercial Metals closed at
$11.88 on Tuesday on the New York Stock Exchange. The stock fell
19 percent in the last three months.