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Why Shares of Allegheny Technologies Are Soaring Today

TheMotleyFool

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Why Shares of Allegheny Technologies Are Soaring TodayPhoto, wide shot, wide-angle lens, Heavy machinery, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.midjourneyapi.xyz/temp/c15253b0-7330-4605-a666-66954eaf6715.png

Shares of Allegheny Technologies (NYSE: ATI) traded up more than 13% on Tuesday after the aerospace component supplier reported better-than-expected results. The company is feeling the impact of the Boeing 737 MAX grounding but is managing through the challenge better than investors had feared.

Before markets opened Tuesday, Allegheny, a specialty metals producer focused on aerospace and defense applications, reported fourth-quarter adjusted earnings of $0.36 per share on revenue of $1.2 billion, outpacing analyst consensus estimates of $0.32 per share in earnings on sales of $994.42 million.

Image source: Getty Images.

Source Fool.com

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