Allegheny Technologies Misses Estimates (ATI)

Allegheny Technologies Inc. ATI on Wednesday morning released financial results that failed to meet Wall Street expectations. Allegheny Technologies Inc reported that its 4th quarter net income fell to $15.1 million, or 15 cents per share, down from $37.8 million, or 36 cents per share, a year earlier. Allegheny Technologies Inc reported revenue of $1.04 billion, up from $815.7 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 30 cents per share, on revenue of $1.05 billion. Chairman and Chief Executive Officer L. Patrick Hassey said, “As we begin 2011, our key global markets are showing signs of strong growth. Our outlook for the commercial aerospace market remains bullish. We expect to benefit from increased production schedules for legacy aircraft and increased demand for aftermarket jet engine spare parts." Allegheny Technologies Inc. (ATI) ended the previous trading session at $58.40 per share. Analysts covering the company's stock have a consensus price target of $57.88 per share. Allegheny Technologies Inc is one of the largest and most diversified specialty metals producers in the world, whose major markets are aerospace and defense, oil and gas/chemical process industry, electrical energy, medical, automotive, food equipment and appliance, machine and cutting tools, and construction and mining. Read more from Benzinga's Company news.