UPDATE 1-Parexel posts lower Q1 profit, sees Q2 below estimates

* Q1 EPS 21 cents vs yr-ago 23 cents

* Q1 service rev $259.8 mln vs $263.0 mln last yr

* Sees Q2 adj EPS $0.19-$0.21, below est $0.22

* Shares down 5 pct after the bell

Oct 27 (Reuters) - Clinical research service provider Parexel International Corp (PRXL.O) posted a lower quarterly profit as consolidation among drugmakers created unevenness in demand for the company's services, and forecast second-quarter adjusted profit slightly below market estimates.

For the first quarter, the company which provides research, communications and consulting services to drugmakers and medical device companies, posted a net income of $12.4 million, or 21 cents a share, compared with $13.6 million, or 23 cents a share in the year-ago period.

Earnings included a favorable tax impact of about 2 cents a share.

Service revenue for the quarter ended Sept. 30 was $259.8 million, down from $263.0 million a year ago.

Analysts, on an average, were expecting a profit of 17 cents a share, before special items, on revenue of $265.0 million, according to Thomson Reuters I/B/E/S.

The Waltham, Massachusetts-based company said its order backlog at the end of September was about $2.16 billion. Backlog included gross new business wins of $322.1 million and cancellations of $100.7 million.

Last week, bigger and more diversified rival Covance Inc (CVD.N), which is considered a bellwether for contract research organizations, had warned of a modest fourth quarter and a weak performance in its early-stage development services. [ID:nBNG439988]

Parexel shares were trading up 2 percent at $13.85 after the bell. They closed at $13.62 Tuesday on Nasdaq.

For related alerts, doubleclick [ID:nWNAB5164] (Reporting by Esha Dey in Bangalore; Editing by Pradeep Kurup)