Brush Engineered Materials
climbed Monday after the company, which supplies beryllium and alloy products, raised its third-quarter outlook.
The Cleveland-based company expects roughly $200 million in sales during the quarter, which marks a new quarterly high and a 50% increase over the same period last year.
About a third of the 50% year-over-year sales growth is due to metal prices.
It expects earnings of 32 cents to 36 cents a share. The company had previously expected third-quarter sales to range between $170 million and $180 million and earnings to run between 23 cents and 28 cents a share.
Brush said that demand for its products from its major markets continued to be strong throughout the third quarter, counter to the company's normal seasonality.
The company expects these strong market conditions to continue into the fourth quarter and now expects sales for the full year to be $725 million to $735 million and earnings to be in the range of $1.20 to $1.28 a share. It had been looking previously for sales of $690 million to $710 million with earnings in the $1.09 to $1.17 a share range.
Shares of Brush surged in premarket trading and were recently up another $2.30, or 9.6%, at $26.32 in recent trading Monday.