DOW JONES NEWSWIRES
Allegheny Technologies Inc. (ATI) boosted its fourth-quarter profit estimate sharply amid improving volume and pricing as well as benefits from earlier cost cutting and lower raw materials expenses.
The metals processor's shares were up 5.1% at $40.01 in recent premarket trading. The stock was up 49% this year through Wednesday's close.
The company now expects earnings of 20 cents to 25 cents a share, compared with its October view for in line with the third quarter's 1-cent profit.
President and Chairman L. Patrick Hassey said Thursday that with the fourth-quarter projection, "ATI will be profitable in 2009." In addition to improving sales, the company also has been improving its position with key customers and expanding its product, market and geographic diversification. The company's markets range from aerospace and defense to chemical processing to food equipment.
ATI plans to release its fourth-quarter results Jan. 27.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;