UPDATE: Tiffany Reports Better-Than-Expected Q1 Earnings, Issues Upbeat Forecast

Tiffany & Co TIF released its results for the first-quarter on Thursday. Tiffany reported its quarterly earnings at $81.1 million, or $0.63 per share, up from $64.4 million, or $0.50 per share, in the year-earlier period. Its adjusted earnings surged to $0.67 per share, from $0.48 per share. Tiffany's sales climbed 20% to $761 million. However, analysts were expecting earnings of $0.57 per share on revenue of $702.6 million. Tiffany projects 2011 earnings of $3.45 to $3.55 per share, excluding nonrecurring expenses. However, analysts expected earnings of $3.31 per share. Tiffany shares gained 2.44% to $71.75 in pre-market trading. Read more from Benzinga's Company news.