NEWS: Commercial Metals Co. said Tuesday that its first-quarter net income fell 8 percent as revenue slipped at its recycling and international marketing and distribution units. But its earnings still beat analysts' expectations and its shares hit their highest point in over four years. DETAILS: The company, based in Irving, Texas , makes and recycles steel and metal products. Commercial Metals said sales at its recycling unit during the first quarter fell 4 percent from a year ago to $338.2 million and fell 16 percent to $511.2 million in its international marketing and distribution unit. NUMBERS: Net income fell to $45.9 million , or 39 cents per share, in the quarter ending Nov. 30 . That compares with net income of $49.7 million , or 42 cents per share, a year earlier. Revenue fell 4 percent to $1.68 billion in the first quarter from $1.75 billion a year ago. Analysts expected earnings of 24 cents per share and revenue of $1.74 billion , according to FactSet. FUTURE: Commercial Metals CEO Joe Alvarado said he expects the second quarter to be slower because of the holidays and winter weather, when construction work tends to decrease. The company did not provide any further guidance. STOCK: Up 58 cents , or 3 percent, to $20.36 in morning trading Tuesday. Earlier, they rose as high as $21.20 , the stock's highest point since Sept. 2009 . Its shares are up 28 percent over the last 12 months.
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