Titanium Metals profit beats Street on higher selling prices

Wed Aug 8, 2012 7:53am EDT

Aug 8 (Reuters) - Titanium Metals Corp, which supplies titanium products to the aerospace industry, reported a slightly bigger-than-expected quarterly profit as higher selling prices for its melted and mill products offset a fall in volumes.

Average selling prices rose 7 percent for its mill products and 9 percent for its melted products. Melted and mill products include pipes, slabs, coils and other products.

Second-quarter profit fell 2 percent to $31.4 million, or 17 cents per share, from $32.1 million, or 18 cents per share, a year earlier.

Revenue at the company, whose customers include Boeing and Rolls Royce, rose 3.5 percent to $281.7 million.

Analysts had expected a profit of 16 cents per share on revenue of $289.1 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $13.00 on Tuesday on the New York Stock Exchange.