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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)
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07/27/201108:42:04Allegheny Tech 2Q Net Up 76% On Ladish Deal, Flat-Rolled Segment
04/27/201108:36:24Allegheny Tech 1Q Profit More Than Triples On Sharp Revenue Jump
01/26/201108:43:22Allegheny Tech 4Q Profit Falls 60%, Hurt By Pricing
11/17/201009:30:35Allegheny Tech Agrees To Acquire Ladish For $778 Million
10/26/201008:30:16Allegheny Tech 3Q Profit Down 29% On Increased Costs
07/29/201009:32:03Allegheny Tech Promotes CFO To President, Operating Chief
07/28/201008:24:37Allegheny Tech Swings To 2Q Profit After 2009 Charges
06/04/201013:00:31List Of Companies Posting Charges Related To Health-Care Law
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03/29/201017:16:49Allegheny Tech To Take $5 Million Charge Due To New Health-Care...
01/27/201008:41:10Allegheny Technologies 4Q Profit Falls 66% On Sales Decline
12/17/200909:22:06Allegheny Technologies Sharply Boosts 4Q EPS View
10/21/200908:39:11Allegheny Tech Ekes Out Profit, Gives Weak 4Q View

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