Allegheny Technologies Raises 2nd Quarter Expectations
07/15/2008 - Allegheny Technologies raises its earning expectations for the second quarter of 2008 into the range of $1.65 to $1.67 per share, including a $0.11 per share one-time net tax benefit.
Allegheny Technologies Inc. is raising its earning expectations for the second quarter of 2008 into the range of $1.65 to $1.67 per share, including a $0.11 per share one-time net tax benefit. ATI had previously said that it expected second quarter earnings to be somewhat higher than the $1.40 per share achieved in the first quarter of 2008.
“ATI is benefiting from the ongoing transformation of the company, and our product, market, and geographic diversification,” said L. Patrick Hassey, Chairman, President and CEO. “In addition, our enterprise risk management programs are reducing the impact of volatile input costs on our earnings results.
“Our transformation and diversification strategies are designed to position ATI for growth and improved earnings, as well as providing stability of earnings and cash flows through market cycles,” added Hassey.
Allegheny Technologies Inc. is one of the largest and most diversified specialty metals producers in the world with revenues of $5.5 billion during 2007. With approximately 9700 full-time employees, the company’s products include titanium and titanium alloys, nickel-based alloys and superalloys, stainless and specialty steels, grain-oriented electrical steel, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings.
