Allegheny Technologies (ATI) Reports Q1 EPS of $0.16

Allegheny Technologies (NYSE: ATI) reported Q1 EPS of $0.16, versus ($0.94) reported last year. Revenue for the quarter came in at $866 million, versus $757.5 million reported last year.

“First quarter 2017 sales grew by 14% compared to the same 2016 period. Net income was $17 million, or $0.16 per share, compared to a significant loss in the first quarter 2016. This was a good start toward achieving our goal of sustainable long-term profitable growth,” said Rich Harshman, Chairman, President and Chief Executive Officer.

“Our first quarter 2017 results demonstrate that we are beginning to realize the benefits of our growing position on next-generation commercial aerospace programs and the significant actions taken to improve our operating efficiencies and cost structure.

“Aerospace and defense sales increased 6%, to $417 million, compared to the fourth quarter of 2016. In the first quarter 2017, our High Performance Materials & Components (HPMC) segment saw continued growth in product sales for next-generation jet engines, which represented more than one-third of HPMC commercial jet engine sales. Our Flat Rolled Products (FRP) segment results reflect improved demand and product mix, benefits from cost reduction and restructuring actions, as well as a one-time benefit from a change in how the ferrochrome surcharge is calculated.”

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

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