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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
09/03/201516:29:19Current Report Filing (8-k)
09/03/201510:15:00ATI to Speak at the Gabelli 21st Annual Aircraft Supplier Conference
09/03/201507:30:00Gabelli & Company to Host Its 21st Annual Aircraft Supplier Conference...
08/27/201512:00:00ACTIA GROUP : BILAN SEMESTRIEL DU CONTRAT DE LIQUIDITE
08/14/201508:39:50Current Report Filing (8-k)
08/14/201508:20:00ATI Issues Lockout Notice to USW
08/10/201508:18:00Gabelli & Company’s 21st Annual Aircraft Supplier Conference
08/04/201507:30:00Gabelli & Company’s 21st Annual Aircraft Supplier Conference
08/03/201516:32:23Current Report Filing (8-k)
08/03/201511:22:00ATI Announces High Performance Materials & Components Segment...
07/31/201501:00:00ACTIA Group : Chiffre d’affaires du 2ème trimestre 2015 :...
07/30/201517:16:35Quarterly Report (10-q)
07/30/201511:48:00Allegheny Technologies Declares Quarterly Dividend
07/27/201516:21:48Statement of Changes in Beneficial Ownership (4)
07/23/201517:17:24Statement of Changes in Beneficial Ownership (4)
07/23/201517:16:32Statement of Changes in Beneficial Ownership (4)
07/23/201517:15:41Statement of Changes in Beneficial Ownership (4)
07/21/201509:25:00Metal Fabrication Stocks Technical Data - Tenaris, Allegheny...
07/21/201507:30:10Current Report Filing (8-k)
07/21/201507:15:00ATI Announces Second Quarter 2015 Results

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