Allegheny Technologies: Q1 Earnings Snapshot

Audio By Carbonatix

PITTSBURGH (AP) _ Allegheny Technologies Inc. (ATI) on Wednesday reported first-quarter net income of $30.9 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Pittsburgh-based company said it had profit of 23 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 40 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The maker of steel and specialty metals posted revenue of $834.1 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $750.8 million.

Allegheny Technologies shares have climbed 75% since the beginning of the year, while the S&P's 500 index has declined 12%. The stock has increased 18% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ATI at https://www.zacks.com/ap/ATI