Altra Holdings lifts forecast, shares jump

Shares of Altra Holdings Inc., which makes brakes for elevators and wheelchairs, jumped in afterhours trading Monday after the company raised its 2008 earnings estimate.

Altra, which also reported second-quarter profit doubling from the year-earlier level, forecast net 2008 sales of $640 million to $650 million, up from earlier guidance of $630 million to $645 million. Analysts polled by Thomson Financial expect, on average, sales this year of $643.9 million.

Altra forecast diluted earnings per share of $1.28 to $1.37, up from earlier guidance of $1.20 to $1.35. Analysts expect $1.35 per share.

For the three months ended June 28, Altra earned $9.9 million, or 38 cents per share, compared with $4.8 million, or 21 cents per share, in the year-earlier period.

Excluding one-time items, Altra earned 39 cents per share. Analysts, whose estimates typically exclude one-time items, expected, on average, earnings per share of 36 cents, according to a Thomson Financial poll.

The company, which is based in Quincy, used a higher number of shares outstanding to calculate earnings for the recently completed quarter.

Sales in the second quarter rose 9.4 percent to $167.9 million from $153.5 million. Analysts expected revenue of $164.8 million.

Altra cited higher sales, improved productivity, "low-cost country sourcing" and the ability to pass along higher material cost.

In aftermarket trading, Altra's shares jumped $1.32, or 8.2 percent, to $17.40. The shares dipped 20 cents to $16.08 in regular-session trading. (AP)