Steel maker Allegheny Technologies Inc. said Wednesday its first-quarter profit jumped 86 percent on improved sales in its high-performance metals and flat-rolled products segments.

Net income surged to $197.8 million, or $1.92 per share, versus $106.5 million, or $1.04 per share, in the prior-year period.

The current quarter's results include an expense of $4.4 million, or 4 cents per share, associated with the early resolution of new labor agreements. That was offset by a $4.2 million, or 4 cents per share, one-time tax benefit related to an adjustment of state deferred tax valuation allowances.

Analysts polled by Thomson Financial predicted earnings of $1.83 per share.

Revenue for the quarter gained 32 percent to $1.37 billion from $1.04 billion in the previous year.

Sales rose 16 percent in the high performance metals unit and 52 percent in the flat-rolled products segment.

Consensus estimates put sales at $1.39 billion