Allegheny Technologies Q4 Profit Beats Estimates; Sales Up 16%

(RTTNews) - Allegheny Technologies Incorporated (ATI) reported fourth-quarter adjusted profit per share of $0.25 compared to a loss of $0.33, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts' estimates typically exclude special items.

Net loss was $29.8 million or $0.23 per share compared to a loss of $1.12 billion or $8.85 per share, prior year. Sales increased 16% to $765.4 million from $658.3 million, a year ago. Analysts on average had estimated $728.66 million in revenue.

Looking ahead to the first quarter, the company anticipates strong year-over-year revenue and earnings growth primarily driven by the ongoing commercial aerospace recovery and business transformation efforts.

Allegheny Technologies also announced that its board has authorized the repurchase of up to $150 million of its outstanding common stock.

Don Newman, CFO, said: "We strongly believe in a balanced capital allocation strategy that funds profitable growth, furthers our balance sheet de-leveraging efforts and provides for shareholder return."

Shares of Allegheny Technologies were up 6% in pre-market trade on Wednesday.