The 10-second takeaway
For the quarter ended March 31 (Q1), Allegheny Technologies missed slightly on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue shrank. GAAP earnings per share shrank significantly.
Margins shrank across the board.
Allegheny Technologies tallied revenue of $1.18 billion. The five analysts polled by S&P Capital IQ hoped for net sales of $1.20 billion on the same basis. GAAP reported sales were 13% lower than the prior-year quarter's $1.35 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.09. The seven earnings estimates compiled by S&P Capital IQ predicted $0.15 per share. GAAP EPS of $0.09 for Q1 were 82% lower than the prior-year quarter's $0.50 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 9.7%, 560 basis points worse than the prior-year quarter. Operating margin was 2.4%, 530 basis points worse than the prior-year quarter. Net margin was 0.8%, 340 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $1.27 billion. On the bottom line, the average EPS estimate is $0.30.
Next year's average estimate for revenue is $5.14 billion. The average EPS estimate is $1.41.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Allegheny Technologies is outperform, with an average price target of $37.71.
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