Allegheny Technologies profit slides, beats Street

By Associated Press
July 23, 2008 | Comments (0)

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Specialty metals maker Allegheny Technologies Inc. said Wednesday its second-quarter profit dropped, but results easily beat Wall Street's expectations.

For the period ended June 30, the company posted profit of $168.9 million, or $1.66 per share, compared with profit of $206.5 million, or $2 per share, in the year-ago period.

Revenue dipped slightly to $1.46 billion from $1.47 billion in the same period last year.

Analysts polled by Thomson Financial expected earnings of $1.54 per share on revenue of $1.41 billion

"Aerospace and infrastructure continue to drive our results, and we believe these markets are in a period of long-term growth," L. Patrick Hassey, chairman, president and chief executive, said in a statement. "Our strategy is to deliver earnings stability and growth as we move through this extended cycle."

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