Allegheny Technologies (NYSE: ATI) reported Q3 EPS of ($0.38), $0.22 better than the analyst estimate of ($0.60). Revenue for the quarter came in at $598 million versus the consensus estimate of $627.1 million.

Outlook:

“We expect fourth quarter results to be negatively affected by the ongoing pandemic and its outsized impact on commercial aerospace, our largest end-market,” said Wetherbee. “We are working diligently to match our cost structure and inventories to demand. With early signs of stabilization in our order books, we expect modest improvements in commercial aerospace in 2021, starting with our jet engine materials and components in the second half of the year. We continue to proactively seek opportunities to make ATI a more streamlined and profitable aerospace and defense supplier, emerging stronger as the aerospace industry recovers.”

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