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Allegheny beat the Zacks Consensus Estimate for earnings in all of the trailing four quarters. The company has a trailing four-quarter earnings surprise of 127.2%, on average. The company reported an earnings surprise of 127.3% in the last reported quarter.
Shares of Allegheny have gained 15% in the past year compared with a 12.9% rise of the industry.
Image Source: Zacks Investment Research
Let’s see how things have shaped up for this announcement.
Zacks Model
Our proven model predicts an earnings beat for Allegheny this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
Earnings ESP: Earnings ESP for Allegheny is +4.55%. The Zacks Consensus Estimate is currently pegged at 22 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Allegheny currently sports a Zacks Rank #1.
What Do the Estimates Indicate?
The Zacks Consensus Estimate for Allegheny’s first-quarter total sales is currently pegged at $751 million, indicating an 8.4% increase year over year.
The Zacks Consensus Estimate for total sales in the Advanced Alloys & Solutions (AA&S) segment is currently pegged at $416 million, implying a 7.9% decline on a sequential basis.
The Zacks Consensus Estimate for total sales of the High-Performance Materials & Components (HPMC) segment is currently pegged at $326 million, which indicates an increase of 3.8% on a sequential basis.
Factors at Play in Q1
Allegheny is likely to benefit from cost-reduction measures. These measures positioned it to leverage the global economic recovery, specifically within commercial aerospace. Its business transformation efforts and continued recovery in commercial aerospace are expected to have aided its performance in the quarter to be reported.
The company is likely to have gained from higher commercial jet engine and energy markets sales in the first quarter. Higher demand in the Forgings business owing to the demand for narrowbody engines and market share gains are likely to have positively impacted the company’s performance.
Allegheny Technologies Incorporated Price and EPS Surprise
Here are some companies in the basic materials space you may want to consider, as our model shows these have the right combination of elements to post an earnings beat this quarter:
The Zacks Consensus Estimate for Westlake’s first-quarter earnings has been revised 3.9% upward in the past 60 days. The consensus estimate for WLK’s earnings for the quarter is currently pegged at $4.70.
Olympic Steel, Inc. (ZEUS - Free Report) , scheduled to release earnings on May 5, has an Earnings ESP of +6.64% and carries a Zacks Rank #1.
The Zacks Consensus Estimate for Olympic Steel’s first-quarter earnings has been revised 7.1% upward in the past 60 days. The consensus estimate for ZEUS’s earnings for the quarter is currently pegged at $2.26.
Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) , slated to release earnings on May 18, has an Earnings ESP of 29.73% and carries a Zacks Rank #1.
The consensus estimate for Sociedad Quimica’s first-quarter earnings has been revised 55.7% upward in the past 60 days. The Zacks Consensus Estimate for SQM’s earnings for the quarter is pegged at $1.23.
Image: Bigstock
Allegheny (ATI) to Report Q1 Earnings: What's in Store?
Allegheny Technologies (ATI - Free Report) is set to release first-quarter 2022 results on May 4, before market open.
Allegheny beat the Zacks Consensus Estimate for earnings in all of the trailing four quarters. The company has a trailing four-quarter earnings surprise of 127.2%, on average. The company reported an earnings surprise of 127.3% in the last reported quarter.
Shares of Allegheny have gained 15% in the past year compared with a 12.9% rise of the industry.
Image Source: Zacks Investment Research
Let’s see how things have shaped up for this announcement.
Zacks Model
Our proven model predicts an earnings beat for Allegheny this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
Earnings ESP: Earnings ESP for Allegheny is +4.55%. The Zacks Consensus Estimate is currently pegged at 22 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Allegheny currently sports a Zacks Rank #1.
What Do the Estimates Indicate?
The Zacks Consensus Estimate for Allegheny’s first-quarter total sales is currently pegged at $751 million, indicating an 8.4% increase year over year.
The Zacks Consensus Estimate for total sales in the Advanced Alloys & Solutions (AA&S) segment is currently pegged at $416 million, implying a 7.9% decline on a sequential basis.
The Zacks Consensus Estimate for total sales of the High-Performance Materials & Components (HPMC) segment is currently pegged at $326 million, which indicates an increase of 3.8% on a sequential basis.
Factors at Play in Q1
Allegheny is likely to benefit from cost-reduction measures. These measures positioned it to leverage the global economic recovery, specifically within commercial aerospace. Its business transformation efforts and continued recovery in commercial aerospace are expected to have aided its performance in the quarter to be reported.
The company is likely to have gained from higher commercial jet engine and energy markets sales in the first quarter. Higher demand in the Forgings business owing to the demand for narrowbody engines and market share gains are likely to have positively impacted the company’s performance.
Allegheny Technologies Incorporated Price and EPS Surprise
Allegheny Technologies Incorporated price-eps-surprise | Allegheny Technologies Incorporated Quote
Stocks That Warrant a Look
Here are some companies in the basic materials space you may want to consider, as our model shows these have the right combination of elements to post an earnings beat this quarter:
Westlake Corporation (WLK - Free Report) , scheduled to release earnings on May 3, has an Earnings ESP of +12.98% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Westlake’s first-quarter earnings has been revised 3.9% upward in the past 60 days. The consensus estimate for WLK’s earnings for the quarter is currently pegged at $4.70.
Olympic Steel, Inc. (ZEUS - Free Report) , scheduled to release earnings on May 5, has an Earnings ESP of +6.64% and carries a Zacks Rank #1.
The Zacks Consensus Estimate for Olympic Steel’s first-quarter earnings has been revised 7.1% upward in the past 60 days. The consensus estimate for ZEUS’s earnings for the quarter is currently pegged at $2.26.
Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) , slated to release earnings on May 18, has an Earnings ESP of 29.73% and carries a Zacks Rank #1.
The consensus estimate for Sociedad Quimica’s first-quarter earnings has been revised 55.7% upward in the past 60 days. The Zacks Consensus Estimate for SQM’s earnings for the quarter is pegged at $1.23.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.