Universal Stainless & Alloy Products Inc. said Tuesday its first-quarter profit jumped 70 percent, aided by strong aerospace sales and a lower income tax rate.

Quarterly earnings rose to $6.8 million, or $1 per share, from $4 million, or 61 cents per share, in the prior-year period. Sales grew to $56.2 million from $44.9 million.

In January, the company projected first-quarter earnings per share of 82 cents to 87 cents on sales of $52 million to $57 million.

Chairman and Chief Executive Mac McAninch said in a statement that strong aerospace sales helped drive growth.

He expects the industry to continue its demand, with airlines ordering new airplanes to help make their fleets more fuel efficient.

Universal Stainless also said its annual income tax rate declined by a percentage point to 35 percent, equal to 2 cents per share in first-quarter income.

Shares fell $3.46, or 6.7 percent, to $48.54 in morning trading on the Nasdaq Stock Market, where they have ranged between $21.56 and $54.16 over the past year.