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Allegheny Tech 1Q Profit More Than Triples On Sharp Revenue Jump

DOW JONES NEWSWIRES Allegheny Technologies Inc.'s (ATI) first-quarter earnings more than tripled, beating analysts' estimates, as the company benefited from higher prices and its biggest segment's profit doubled. "We continue to see 2011 marking the resumption of strong secular growth in our key global markets," said Chairman and Chief Executive L. Patrick Hessey. "We are off to a good start." Allegheny, a metal processor that makes products for the aerospace and petrochemical industries, has benefited from rising revenue in recent quarters, though it has suffered from higher steel prices lately. Allegheny reported a profit of $56.3 million, or 54 cents a share, up from $18.2 million, or 18 cents, a year earlier. Excluding items such as stock-based compensation expense and a tax-related charge, earnings rose to 59 cents from 24 cents. Revenue jumped 36% to $1.23 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 50 cents a share on $1.13 billion in revenue. Gross margin rose to 16.7% from 13.5%. Sales at the company's biggest segment, flat-rolled products, jumped 38% while the segment's profit more than doubled. Shares were inactive premarket after closing Tuesday at $71.09. As of the close, the stock had risen 31% the past year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for Allegheny (ATI)
DateTimeHeadline
07/22/201616:19:05Current Report Filing (8-k)
07/20/201607:00:00Gabelli & Company’s 22nd Annual Aircraft & Connectivity Conference
07/12/201614:25:00U.S. Stainless Steel Sheet and Strip Industry Encouraged by Commerce...
07/12/201612:30:00Allegheny Technologies Announces Webcast of Conference Call for...
06/27/201611:50:00Domestic Producers Applaud Commerce Department's Preliminary...
06/21/201608:05:00Pre-market Insights on Industrial Goods Sector -- Allegheny Technologies...
06/10/201610:56:52Annual Report of Employee Stock Plans (11-k)
06/10/201610:54:05Annual Report of Employee Stock Plans (11-k)
06/10/201610:47:31Annual Report of Employee Stock Plans (11-k)
06/10/201610:44:11Annual Report of Employee Stock Plans (11-k)
06/10/201610:36:48Annual Report of Employee Stock Plans (11-k)
06/10/201610:31:52Annual Report of Employee Stock Plans (11-k)
06/02/201616:35:59Current Report Filing (8-k)
06/02/201616:20:00ATI’s CFO to Speak at the Deutsche Bank 7th Annual Global Industrials a...
06/02/201616:17:30Current Report Filing (8-k)
06/01/201616:15:00Allegheny Technologies Announces Exercise of Over-Allotment Option...
05/31/201616:21:50Specialized Disclosure Report (sd)
05/26/201614:12:07Annual Report of Employee Stock Plans (11-k)
05/24/201616:19:03Current Report Filing (8-k)
05/19/201616:43:09Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)

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