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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
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)
05/19/201616:18:33Current Report Filing (8-k)
05/19/201606:05:45Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/18/201618:19:00Allegheny Technologies Announces Pricing of Convertible Senior...
05/17/201616:29:06Current Report Filing (8-k)
05/17/201616:20:37Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
05/17/201616:20:00Allegheny Technologies Announces Proposed Convertible Senior...
05/16/201609:01:15Current Report Filing (8-k)
05/12/201616:55:07Statement of Changes in Beneficial Ownership (4)
05/12/201616:52:54Statement of Changes in Beneficial Ownership (4)
05/12/201616:51:07Statement of Changes in Beneficial Ownership (4)
05/12/201616:50:42Statement of Changes in Beneficial Ownership (4)
05/12/201616:50:42Statement of Changes in Beneficial Ownership (4)
05/12/201616:49:51Statement of Changes in Beneficial Ownership (4)
05/12/201616:48:37Statement of Changes in Beneficial Ownership (4)
05/12/201616:47:40Statement of Changes in Beneficial Ownership (4)
05/12/201616:47:14Statement of Changes in Beneficial Ownership (4)
05/12/201616:46:23Statement of Changes in Beneficial Ownership (4)

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