Ternium SA's stock soared 6.14% during intraday trading on Wednesday, following the release of its first-quarter earnings report which showed the company outperforming analyst expectations.

The steel producer reported adjusted earnings of $1.09 per share for the quarter ended March 31, significantly beating the mean analyst estimate of 87 cents per share. This represents a substantial increase from the 34 cents per share reported in the same quarter last year. The company also reported quarterly net income of $213 million.

While revenue of $3.93 billion was essentially flat year-over-year and slightly below the $3.94 billion analysts had expected, the strong earnings performance appears to have driven positive investor sentiment. Additional analyst commentary on materials companies including Ternium may have further contributed to the stock's upward movement.