Allegheny Technologies Sharply Boosts 4Q EPS View
December 17 2009 - 9:22AM
Dow Jones News
DOW JONES NEWSWIRES
Allegheny Technologies Inc. (ATI) boosted its fourth-quarter
profit estimate sharply amid improving volume and pricing as well
as benefits from earlier cost cutting and lower raw materials
expenses.
The metals processor's shares were up 5.1% at $40.01 in recent
premarket trading. The stock was up 49% this year through
Wednesday's close.
The company now expects earnings of 20 cents to 25 cents a
share, compared with its October view for in line with the third
quarter's 1-cent profit.
President and Chairman L. Patrick Hassey said Thursday that with
the fourth-quarter projection, "ATI will be profitable in 2009." In
addition to improving sales, the company also has been improving
its position with key customers and expanding its product, market
and geographic diversification. The company's markets range from
aerospace and defense to chemical processing to food equipment.
ATI plans to release its fourth-quarter results Jan. 27.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;
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