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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
04/26/201612:00:00ACTIA GROUP : Mise à disposition des documents relatifs à l'Assemblée Gé...
04/26/201612:00:00ACTIA GROUP : Information relative au nombre total de droits...
04/26/201607:32:52Current Report Filing (8-k)
04/26/201607:20:00ATI Announces First Quarter 2016 Results
04/21/201612:00:00ACTIA Group : Mise à disposition du Document de Référence 20...
04/19/201609:37:00U.S. Hot Stocks: Hot Stocks to Watch
04/18/201616:43:08Current Report Filing (8-k)
04/18/201616:25:00ATI Announces Restructuring Actions to Further Streamline Flat...
04/12/201610:31:00Allegheny Technologies Announces Webcast of Conference Call for...
04/07/201601:00:00ACTIA Group renouvelle son éligibilité au PEA-PME
03/31/201601:00:00ACTIA Group : Résultats annuels 2015
03/28/201612:58:26Proxy Statement (definitive) (def 14a)
03/10/201616:14:22Current Report Filing (8-k)
03/10/201612:00:00Actia Group: Information relative au nombre total de droits de...
03/04/201616:15:00ATI Flat Rolled Products Employees to Return to Work
03/02/201617:45:19Current Report Filing (8-k)
02/29/201618:52:23Statement of Changes in Beneficial Ownership (4)
02/29/201618:45:43Statement of Changes in Beneficial Ownership (4)
02/29/201618:26:25Statement of Changes in Beneficial Ownership (4)
02/26/201611:55:00Allegheny Technologies Declares Quarterly Dividend

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