Titanium Metals 2Q Profit Up On Aerospace Demand

DALLAS (AP) â¿¿ Titanium Metals Corp. said Tuesday that second-quarter profit rose 66 percent on strong demand for titanium products in the commercial aerospace industry.

Net income was $31.5 million, or 18 cents per share, compared with $19 million, or 11 cents per share, a year earlier. Analysts expected 16 cents per share, according to FactSet.

Revenue rose 28 percent to $272 million from $212 million, as sales rose for both melted and mill products due mostly to demand from aerospace companies.

Spot prices for titanium products have increased over the past year, and the company said demand should remain strong through year end.

The shares fell 66 cents, or 3.7 percent, to $17.05 in afternoon trading. They have followed a choppy path between $16.03 and $22.93 in the past year.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More from Stocks

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

Why Starbucks Latest Data Reveal Should Worry Investors

Why Starbucks Latest Data Reveal Should Worry Investors

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High