Allegheny Technologies Inc. (
ATI - Free Report) is a global producer of specialty materials, offering nickel-based alloys and superalloys, stainless steel, titanium alloys, specialty alloys, and zirconium and other related alloys.
Earnings
Allegheny reported adjusted earnings of 32 cents per share for the first quarter that beat the Zacks Consensus Estimate of 24 cents.
Revenues
Allegheny reported revenues of $979 million for the quarter, which surpassed the Zacks Consensus Estimate of $950 million.
Allegheny Technologies Incorporated Price and Consensus
Investors should note that the Zacks Consensus Estimate for Allegheny for the first quarter remained stable over the past month. The company has beaten the Zacks Consensus Estimate in three of the trailing four quarters with an average positive surprise of 41.7%.
Key Stats/Developments to Note
Moving forward, Allegheny expects continued operating margin improvement and revenue growth in its High Performance Materials & Components (HPMC) unit in 2018 resulting from improved asset utilization and aerospace market demand growth. Allegheny also expects its Flat Rolled Products (FRP) unit to build on the operational improvements and A&T Stainless joint venture and growth in differentiated products.
Additionally, the company anticipates to generate at least $150 million of free cash flow in 2018, excluding contributions to the ATI Pension Plan.
Zacks Rank
Market Reaction
Allegheny’s shares were up 5.3% in pre-market trading. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Allegheny’s earnings report!
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