Allegheny Technologies reports 3Q loss
PITTSBURGH (AP) — Allegheny Technologies Inc. on Tuesday reported a loss of $530.8 million in its third quarter.
The Pittsburgh-based company said it had a loss of $4.95 per share. Losses, adjusted for restructuring costs and pretax expenses, were 21 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The maker of steel and specialty metals posted revenue of $770.5 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $839.3 million.
Allegheny Technologies shares have risen 58 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 5 percent. The stock has risen 26 percent in the last 12 months.