March 16, 2011 / 8:51 AM / 7 years ago

STOCKS NEWS EUROPE-AMG up sharply as results top estimates

Shares in AMG Advanced Metallurgical Group (AMG.AS) rise 6.8 percent after its fourth-quarter results beat analysts’ forecasts and the company says it expects growth to continue.

“The numbers are very good. Yesterday the stock declined quite strongly in the general maket fall,” says Maurice Mureau, asset manager at Keijser Capital.

AMG’s earnings before interest, tax, depreciation and amortization and excluding nonrecurring items (adjusted EBITDA) are $20.2 million in the fourth quarter, surpassing the range of $15.6 to $18.8 million in a Reuters poll of four analysts.

AMG, which supplies sectors including aerospace, energy, infrastructure and chemicals and has a 42.5 percent stake in Canadian-listed silicon metal maker Timminco TIM.TO, says it expects continued revenue and earnings growth in 2011 thanks to improved markets and investments.

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