Allegheny Technologies Inc.'s (ATI) first-quarter earnings more than tripled, beating analysts' estimates, as the company benefited from higher prices and its biggest segment's profit doubled.
"We continue to see 2011 marking the resumption of strong secular growth in our key global markets," said Chairman and Chief Executive L. Patrick Hessey. "We are off to a good start."
Allegheny, a metal processor that makes products for the aerospace and petrochemical industries, has benefited from rising revenue in recent quarters, though it has suffered from higher steel prices lately.
Allegheny reported a profit of $56.3 million, or 54 cents a share, up from $18.2 million, or 18 cents, a year earlier. Excluding items such as stock-based compensation expense and a tax-related charge, earnings rose to 59 cents from 24 cents.
Revenue jumped 36% to $1.23 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of 50 cents a share on $1.13 billion in revenue.
Gross margin rose to 16.7% from 13.5%.
Sales at the company's biggest segment, flat-rolled products, jumped 38% while the segment's profit more than doubled.
Shares were inactive premarket after closing Tuesday at $71.09. As of the close, the stock had risen 31% the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; email@example.com;