ATI tops Street 2Q forecasts
PITTSBURGH (AP) – Allegheny Technologies Inc. Tuesday reported second-quarter net income of $10.1 million, after reporting a loss in the same period a year earlier.
The Pittsburgh-based company said it had net income of 9 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The maker of steel and specialty metals posted revenue of $880.2 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $876.1 million.
Allegheny Technologies shares have climbed roughly 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 10 percent. The stock has climbed 13 percent in the last 12 months.