Allegheny Technologies (ATI) Misses Q1 EPS by 3c

Allegheny Technologies (NYSE: ATI) reported Q1 EPS of $0.09, $0.03 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.07 billion.

“Aerospace market sales increased 14% in the first quarter 2015 compared to the fourth quarter 2014. We saw double-digit demand growth from both jet engine and airframe customers of 14% and 22%, respectively,” said Rich Harshman, Chairman, President and Chief Executive Officer. “First quarter aerospace demand was led by organic growth of our mill products. Sales of our nickel-based alloys and specialty alloys increased 15% and sales of our titanium alloys grew 16% with a good mix of value-added mill products. We expect sales growth of our precision forgings, castings, and components to begin later this year supported by the build ramp of next-generation jet engines.”

For earnings history and earnings-related data on Allegheny Technologies (ATI) click here.

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