Globe Specialty Metals Inc. a silicon metal and silicon-based alloy producer, on Tuesday reported a profit for the fourth quarter that more than doubled from last year, reflecting higher selling prices for silicon metal. However, adjusted earnings per share missed analysts' expectations, while revenues topped their estimates.

The New York-based company's net income for the fourth quarter rose to $15.55 million or $0.20 per share from $6.61 million or $0.09 per share in the year-ago quarter.

Excluding one-time items, adjusted earnings for the quarter increased to $0.28 per share from $0.11 per share in the same period last year. On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter. Analysts' estimate typically exclude special items.

Net sales for the quarter grew 20 percent to $175.93 million from $146.44 million in the same period last year and topped analysts' consensus estimate of $166.71 million.

Shipments for the quarter declined 9 percent to 56,580 metric tons from 62,207 metric tons in the same period last year. However, average selling price rose 33 percent to $2,862 per metric ton from $2,157 per metric ton in the year-ago period.

For fiscal year 2011, Globe Specialty's net income increased to $52.81 million or $0.69 per share from $34.10 million or $0.46 per share in the prior year. Earnings per share on a comparable basis rose to $0.81 per share from $0.42 per share in the previous year. Analysts expected the company to earn $0.83 per share for the year.

Net sales for the year were $641.86 million, up 36 percent from $472.66 million in the prior year. Analysts had a consensus revenue estimate of $632.63 million.