Allegheny Technologies reports first quarter earnings

Allegheny Technologies reports first quarter earnings

Pennsylvania-based Allegheny Technologies Incorporated (ATI) recently reported a dramatic year-on-year turnaround in its Q1 2005 earnings. Revenues increased 52% to $880 million, allowing the company to post an operating profit of $114 million and net income of $66.3 million. Previously, ATI had reported a $50.4 million net loss on sales of $577.8 million in Q1 2004. Sales increased 59% in Flat-Rolled products, which accounted for 7.5% of overall sales. Similarly, High Performance Metals and Engineered Products respectively showed 47% and 32% increases and accounted for 24% and 12% of all sales. Commenting on his company's success, Patrick Hassey, Chairman, President and CEO of ATI, said, "Our strong first quarter results are a good start to achieving the next level of success for ATI … We remain optimistic about the prospects for ATI.”