Novelty balloon and laminated films maker CTI Industries (CTIB - Get Report) said on Tuesday that its first-quarter profit exceeded estimates as its commercial films operation produced solid revenue gains.
The company posted first-quarter net income of $377,307, or 31 cents a share, compared with a loss of $133,269, or 11 cents a share, a year ago. Wall Street had been expecting 16 cents, according to Thomson Financial/First Call.
Revenue for the quarter was up 60% to $9.738 million from $6.08 million a year ago. The growth was led by the commercial films division, but the company said sales in its novelty line remained solid as well.
Shares of CTI were recently trading up 45% to $6.60 after closing at $4.55 Tuesday.