Allegheny Technologies (ATI) Tops Q2 EPS by 7c

Allegheny Technologies (NYSE: ATI) reported Q2 EPS of ($0.12), $0.07 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $616 million versus the consensus estimate of $627.37 million.

"Our second quarter results reflect the ongoing improvements in many of our key end markets, most notably jet engine materials and components, as well as the continued benefits from our aggressive 2020 cost cutting actions and recent share gains," said Robert S. Wetherbee, Board Chair, President and CEO. "Worldwide economic recovery is increasing the demand for travel, efficient energy, and many types of consumer products. These benefit ATI, and we are well positioned to capture this growth."

"ATI's second quarter results include a significant negative impact on our Specialty Rolled Products (SRP) business from the strike by employees represented by the United Steelworkers, which concluded on July 13, 2021. "We welcome our employees back," said Wetherbee. "While their decision to strike created short-term headwinds, the settlement reached allows this business to have a more predictable and manageable cost structure moving forward. We thank the salaried and temporary workers who kept us operating safely so we could meet the needs of the customers who count on us. We look forward to this business ramping back up to its full capability in the second half of 2021. The transformation of our SRP business remains on track, including the elimination of standard stainless sheet products by the end of 2021."

For earnings history and earnings-related data on Allegheny Technologies (ATI) click here.

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