Allegheny Technologies: 2Q Earnings Snapshot
PITTSBURGH (AP) _ Allegheny Technologies Inc. (ATI) on Tuesday reported second-quarter net income of $75.1 million.
On a per-share basis, the Pittsburgh-based company said it had net income of 54 cents. Earnings, adjusted for non-recurring gains, came to 40 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The maker of steel and specialty metals posted revenue of $1.08 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $1.06 billion.
Allegheny Technologies shares have increased 15% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. The stock has decreased roughly 6% in the last 12 months.