* Q1 adj EPS from cont ops $0.78 vs est $0.70
* Q1 rev $766 mln vs est $706.5 mln
* Says Lockheed Martin extends contract
* Contract extension to generate $1.1 bln
* Backs full-year EPS outlook of $3.15-$3.50 (Follows Alerts)
April 21 (Reuters) - Specialty chemicals company Cytec Industries Inc's first-quarter profit beat Wall Street estimates, boosted by higher volumes and selling prices.
The company, which caters to sectors ranging from aerospace to industrial coatings, said it signed a contract extension, covering the period from 2016 to 2020, with Lockheed Martin for supply of high-performance structural composite and adhesive materials.
Woodland Park, New Jersey-based Cytec expects the contract extension to generate revenue of about $1.1 billion.
January-March profit was $83.2 million, or $1.66 per share, compared with $24.8 million, or 50 cents a share, in the year-ago period.
Excluding items, earnings from continuing operations were 78 cents a share.
In January, Cytec sold its building block chemicals business to private investment firm HIG Capital to focus on its core businesses. [ID:nSGE70U0BZ]
Revenue rose 18 percent to $766 million.
Analysts on average expected earnings of 70 cents a share, on revenue of $706.5 million, according to Thomson Reuters I/B/E/S.
Volumes rose 9 percent while selling prices jumped 8 percent.
The company's shares closed at $54.51 on Thursday on the New York Stock Exchange. (Reporting by Swetha Gopinath in Bangalore; Editing by Maju Samuel) (firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 580; Reuters Messaging: email@example.com)