DALLAS (AP) — DALLAS (AP) — Allegheny Technologies Inc. (ATI) on Thursday reported first-quarter net income of $97 million.
On a per-share basis, the Dallas-based company said it had profit of 67 cents. Earnings, adjusted for one-time gains and costs, were 72 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.
The maker of steel and specialty metals posted revenue of $1.14 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $1.06 billion.
For the current quarter ending in June, Allegheny Technologies expects its per-share earnings to range from 67 cents to 73 cents.
The company expects full-year earnings in the range of $2.87 to $3.09 per share.
Allegheny Technologies shares have declined 1% since the beginning of the year, while the S&P’s 500 index has fallen slightly more than 5%. The stock has dropped nearly 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ATI at https://www.zacks.com/ap/ATI
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