Material sciences specialist ATI (NYSE: ATI) reported a strong first quarter, and its guidance implies that issues at Boeing are not softening demand for its products. Investors are relieved, sending ATI shares up 17% as of 2 p.m. ET.

ATI makes high-performance materials for the aerospace, defense, healthcare, and energy markets. It is best known for the composite fibers used to replace heavier metals on aircraft to improve fuel economy.

ATI earned $0.48 per share in the quarter on sales of $1.04 billion, topping Wall Street expectations for $0.41 per share in earnings on sales of $1.03 billion. Sales to the aerospace and defense sector were up 7% year over year, fueling the beat.

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Source Fool.com