Titanium Metals Corp (NYSE: TIE) Reports EPS of $0.16 vs. $0.15 Estimate; Revenues $252.00 vs. $231.4M Estimate

Titanium Metals Corporation TIE reported net income attributable to common stockholders of $28.9 million, or $0.16 per diluted share, for the quarter ended March 31, 2011, compared to $16.7 million, or $0.09 per diluted share, for the quarter ended March 31, 2010. The Company's net sales were $252.0 million for the first quarter of 2011 compared to $217.5 million for the first quarter of 2010. The increase in net sales was primarily the result of an increase in product volumes and higher average selling prices. The volume growth reflects improved demand for titanium products in the commercial aerospace and industrial sectors. Operating income for the first quarter of 2011 was $45.0 million compared to $24.2 million during the same period in 2010, primarily reflecting higher sales volume and the related efficiencies resulting from greater utilization of our manufacturing capacity, as demand continues to improve. Operating income in the first quarter of 2011 also includes the favorable impact of a $10.6 million pre-tax gain ($0.04 per diluted share, net of income taxes) on partial settlement of a claim to recover certain remediation costs attributable to a third-party facility adjoining one of our plant sites.