* Q2 EPS $0.62 from cont ops vs est $0.48
* Revenue up 39 pct to $564.3 mln
April 7 Schnitzer Steel Industries Inc (SCHN.O)
posted a better-than-expected second-quarter profit, mainly
helped by strong demand for recycled metals.
For the second quarter ended Feb 28, Schnitzer posted a net
profit of $29 million, or 62 cents a share, compared with a net
loss of $14 million, or 18 cents a share, a year ago.
Quarterly revenue rose 39 percent to $564.3 million.
Analysts on average expected the company to earn 48 cents a
share, before special items, on revenue of $517.8 million,
according to Thomson Reuters I/B/E/S.
"The steady improvement in demand, which we anticipated in
the first quarter, enabled us to achieve a 55 percent increase
in metals recycling revenues over the first quarter of fiscal
2010," Chief Executive Tamara Lundgren said in a statement.
Schnitzer expects recycled metals sales volumes, pricing
and margins to improve slightly in the third quarter, compared
with the second quarter of fiscal 2010.
However, the company sees uncertainty in auto parts
business in the third quarter.
Shares of the Portland, Oregon-based company fell 10 cents
to $54.32 in after-market trade Wednesday.
(Reporting by Vinay Sarawagi in Bangalore; Editing by Ratul