* Q1 EPS $0.64 ve est $0.71
* Revenue $675 mln vs est $676.5 mln
* Shares fall 5 pct in extended trade
Jan 6 Schnitzer Steel Industries Inc's (SCHN.O)
first-quarter profit lagged analysts' estimates, partly hurt by
weak demand at its steel manufacturing business, and the
company forecast sequentially lower ferrous sales volumes in
The company expects ferrous sales volumes at its metals
recycling business, the largest contributor to revenue, to be
hurt by seasonal declines in supply flows as a result of winter
weather conditions and the timing of shipments.
September-November net income was $18.9 million, or 64
cents a share, compared with $7.8 million, or 23 cents a share,
a year ago.
Sales rose 71 percent to $675 million. Sales at the
company's steel manufacturing business fell 7 percent to $63.7
million due to weak demand for finished steel products in its
West Coast markets.
Analysts, on average, were expecting the company to earn 71
cents per share, on revenue of $676.5 million, according to
Thomson Reuters I/B/E/S.
Shares of the company were down 5 percent at $65.10 in
extended trade, after closing at $68.87 on Thursday on Nasdaq.
(Reporting by Vaishnavi Bala in Bangalore; Editing by Anne
Pallivathuckal) ((firstname.lastname@example.org; within
U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters