* Q1 EPS $0.08 vs est. $0.03 loss/shr
* Q1 revenue $120.9 mln vs est. $112.5 mln
* Shares touch 29-month high (Adds conference call details, competitors, updates shares)
BANGALORE, May 3 (Reuters) - RTI International Metals forecast above-market full-year sales boosted by a rebound in the aerospace market, which also helped the titanium products maker surprise Wall Street with a first-quarter profit, sending its shares to a 29-month high.
Aerospace majors such as Airbus Industries , Boeing Co , Bombardier (BBDb.TO) and Lockheed Martin are placing more orders to meet surging demand in China, India and other fast-growing Asian markets.
Last week, RTI’s rivals Carpenter Technology and Allegheny Technologies Inc also posted market-topping quarterly results. [ID:nL3E7FQ2DT] [ID:nN27291811]
On a conference call, a company executive said total revenue for the year is expected to touch $500 million. Analysts, on average, are expecting the company to report 2011 sales of $468.1 million, according to Thomson Reuters I/B/E/S.
Pittsburgh-based RTI said it expects to see additional opportunities on the fabrication side from Airbus. The company’s fabrication business makes customised machine parts and assembles titanium and other specialty metal parts and components.
RTI raised full-year mill product forecast for its titanium business to over 13 million pounds from over 12 million pounds, driven by increased orders from Airbus and engine customers.
The titanium group melts, processes and produces a range of titanium mill products, which are further processed by its customers.
RTI, one of the world’s largest producers of titanium, said first-quarter mill product shipments rose 41 percent to 3.1 million pounds.
However, RTI lowered its capital expenditure forecast for 2011 to $70-$75 million from $80-$90.0 million.
RTI’s January-March profit came in at 8 cents a share on net sales of $120.9 million. Analysts, on an average, had expected a loss of 3 cents a share, on revenue of $112.5 million.
RTI’s shares were up 4 percent at $33.90 on the New York Stock Exchange after climbing as high as $34.40 on Tuesday. (Reporting by Swetha Gopinath in Bangalore; Editing by Sriraj Kalluvila) (firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 580; Reuters Messaging: email@example.com)