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Allegheny (ATI) Posts Loss in Q3, Sales Beat Estimates
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Allegheny Technologies Inc. (ATI - Free Report) is a diversified specialty materials producer operating through two segments, High Performance Materials and Components, and Flat-Rolled Products.
Allegheny is gaining from its diversified global growth markets and cost reduction measures. The company is also seeing healthy demand from aerospace OEMs. However, Allegheny is exposed to certain challenges in its Flat Rolled Products segment.
Let’s have a quick look at this Pennsylvania-based company’s third-quarter release.
Estimate Trend & Surprise History
Investors should note that the Zacks Consensus Estimate for Allegheny for the third quarter has decreased over the past month. The company has beaten the Zacks Consensus Estimate in three of the trailing four quarters while missing in one, with an average positive surprise of 11.7%.
Earnings
Allegheny reported an adjusted loss of 7 cents per share for the quarter that was in line with the Zacks Consensus Estimate.
Allegheny Technologies Incorporated Price and EPS Surprise
Allegheny reported revenues of $869.1 million, beating the Zacks Consensus Estimate of $865.1 million.
Key Stats/Developments to Note
Moving ahead, Allegheny expects its High Performance Materials & Component (HPMC) unit to maintain robust performance especially in the commercial aerospace. Further, the company expects the unit to deliver improved results in the fourth quarter compared with the third.
The Flat Rolled Products (FRP) unit is expected to benefit from increasing raw material prices in the fourth quarter. The company sees operational improvements and product mix benefits to be carried over into 2018.
Allegheny anticipates significant profit improvement opportunities in 2018, aided by the completion of the start-up and qualification of its new nickel alloys powder facility. Capital expenditures are expected to be around $100 million annually for the next several years.
Zacks Rank
Currently, Allegheny has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.
Market Reaction
Allegheny’s shares were down 0.04% 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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Allegheny (ATI) Posts Loss in Q3, Sales Beat Estimates
Allegheny Technologies Inc. (ATI - Free Report) is a diversified specialty materials producer operating through two segments, High Performance Materials and Components, and Flat-Rolled Products.
Allegheny is gaining from its diversified global growth markets and cost reduction measures. The company is also seeing healthy demand from aerospace OEMs. However, Allegheny is exposed to certain challenges in its Flat Rolled Products segment.
Let’s have a quick look at this Pennsylvania-based company’s third-quarter release.
Estimate Trend & Surprise History
Investors should note that the Zacks Consensus Estimate for Allegheny for the third quarter has decreased over the past month. The company has beaten the Zacks Consensus Estimate in three of the trailing four quarters while missing in one, with an average positive surprise of 11.7%.
Earnings
Allegheny reported an adjusted loss of 7 cents per share for the quarter that was in line with the Zacks Consensus Estimate.
Allegheny Technologies Incorporated Price and EPS Surprise
Allegheny Technologies Incorporated Price and EPS Surprise | Allegheny Technologies Incorporated Quote
Revenues
Allegheny reported revenues of $869.1 million, beating the Zacks Consensus Estimate of $865.1 million.
Key Stats/Developments to Note
Moving ahead, Allegheny expects its High Performance Materials & Component (HPMC) unit to maintain robust performance especially in the commercial aerospace. Further, the company expects the unit to deliver improved results in the fourth quarter compared with the third.
The Flat Rolled Products (FRP) unit is expected to benefit from increasing raw material prices in the fourth quarter. The company sees operational improvements and product mix benefits to be carried over into 2018.
Allegheny anticipates significant profit improvement opportunities in 2018, aided by the completion of the start-up and qualification of its new nickel alloys powder facility. Capital expenditures are expected to be around $100 million annually for the next several years.
Zacks Rank
Currently, Allegheny has a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released.
Market Reaction
Allegheny’s shares were down 0.04% 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!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>