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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;;

Stock News for Allegheny (ATI)
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06/17/201516:26:34Current Report Filing (8-k)
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06/11/201516:15:00ATI Names Vice President of New Product Development
06/11/201515:23:31Annual Report of Employee Stock Plans (11-k)
06/11/201515:19:10Annual Report of Employee Stock Plans (11-k)
06/11/201515:16:00Annual Report of Employee Stock Plans (11-k)
06/11/201515:10:49Annual Report of Employee Stock Plans (11-k)
06/11/201515:07:15Annual Report of Employee Stock Plans (11-k)
06/11/201515:04:29Annual Report of Employee Stock Plans (11-k)
06/11/201514:56:25Annual Report of Employee Stock Plans (11-k)
06/02/201512:00:00ACTIA Muller fusionne avec ACTIA Automotive
05/29/201507:18:25Specialized Disclosure Report (sd)
05/28/201516:42:40Current Report Filing (8-k)
05/28/201516:15:00ATI Discovers Defective Rotary Crop Shear Component at its Hot-Rolling...
05/21/201516:57:09Amended Current Report Filing (8-k/a)

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