Allegheny Technologies: Q2 Earnings Snapshot
PITTSBURGH (AP) _ Allegheny Technologies Inc. (ATI) on Thursday reported a loss of $38 million in its second quarter.
On a per-share basis, the Pittsburgh-based company said it had a loss of 31 cents. Earnings, adjusted for non-recurring costs, came to 54 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The maker of steel and specialty metals posted revenue of $959.5 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $810.5 million.
Allegheny Technologies shares have increased 59% since the beginning of the year, while the S&P’s 500 index has declined 13%. The stock has climbed 27% in the last 12 months.