Elmet Group’s shares rose 8.1% to $17.98 in pre-market trading following a quarterly report that exceeded analyst expectations.
The U.S.-based producer of tungsten and molybdenum materials reported revenue of $66.4 million for the quarter, a 35.2% increase from the same period a year earlier. Adjusted earnings per share reached $0.14, well above the $0.06 consensus estimate. The company also reported a near-55% rise in order backlog to a record $132 million.
Canaccord upgraded its price target on Elmet to $21 from $20 while maintaining a Buy rating. All four analysts covering the stock currently rate it Buy or Overweight, with an average 12-month price target of $20.75. The stock had pulled back from mid-August highs near $18 after a post-earnings surge.
The pre-market gain contrasted with broader U.S. equity weakness, with the S&P 500 down 0.25%, the Dow Jones Industrial Average down 0.02%, and the Nasdaq Composite down 0.52%.
