rose 6% early Tuesday after the bearings maker boosted its second-quarter earnings guidance, citing the strength of its industrial markets.
The company now expects second-quarter earnings of 89 cents a share, excluding special items, up from previous guidance of 75 cents to 80 cents a share. Including items, it expects to earn 79 cents a share.
Analysts surveyed by Thomson First Call are expecting second-quarter earnings of 79 cents a share.
The company has also increased its full-year earnings forecast to $3 to $3.15 a share, excluding special items, from $2.80 to $2.95 a share earlier.
Analysts were predicting earnings of $2.92 a share.
"Steel Group performance, in particular, was very good in the second quarter, due to both market demand and productivity gains," the company said. "Second quarter results also benefited from lower pension and retiree medical expenses."
Early Tuesday, shares rose $1.80 to $31.50.
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