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UPDATE 1-Brush Engineered sees Q1 EPS above market; shares jump
April 5, 2010 / 5:12 PM / 7 years ago

UPDATE 1-Brush Engineered sees Q1 EPS above market; shares jump

* Sees Q1 EPS above $0.25 vs est $0.14

* Sees Q1 sales $300-$310 mln vs est $279.9 mln

* Sees FY10 EPS $1.15-$1.40 vs est $0.85

* Sees FY10 sales $1.2 -$1.3 bln vs est $1.1 bln

April 5 (Reuters) - Specialty metal products maker Brush Engineered Materials Inc (BW.N) gave first-quarter profit view above market estimates and raised its fiscal 2010 earnings outlook, sending its shares up as much as 15 percent.

“The significant improvement in expected earnings is due to increased sales volume, favorable product mix, pricing and previously implemented cost initiatives,” the company said in a statement.

The company expects first-quarter earnings to be above 25 cents a share as it raised its quarterly sales view to a range of $300 million to $310 million, about 10 percent higher than earlier anticipated.

In the first quarter, analysts on average were expecting the company to earn 14 cents a share, on revenue of $279.9 million, according to Thomson Reuters I/B/E/S.

The company, which sees the strong demand continuing in the coming quarters, expects full-year profit in a range of $1.15 to $1.40 a share, from 75 cents to $1 per share forecast earlier.

It raised the annual sales view by about $100 million to a range of $1.2 billion to $1.3 billion.

Analysts were expecting annual earnings of 85 cents a share on revenue of $1.1 billion.

The company’s shares were trading up 14 percent at $25.83 in afternoon trade Monday on the New York Stock Exchange. They touched a high of $26.14 earlier in the day. (Reporting by Vinay Sarawagi in Bangalore; Editing by Unnikrishnan Nair)

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