Allegheny Technologies buy Riccardo

Allegheny Q3 Earnings Increase

Allegheny's net income for the third quarter was $115.0 million or $0.67 per share, up from $110.2 million or $0.65 per share in the same quarter of the earlier year. On an adjusted basis, prior year quarter's net income was $94.0 million or $0.56 per share. On average, seven analysts, surveyed by First Call/Thomson Financial targeted earnings of $0.68 per share. Prior year quarter's net income included charges related to change in Pennsylvania state income tax law of $16.7 million. The company's operating income for the third quarter increased to $228.4 million from $211.2 million in the same quarter of the previous year. The company's adjusted earnings before interests, taxes, depreciation and amortization for the third quarter increased to $308.6 million from $286.3 million in the same quarter a year before. Allegheny reported that its third quarter operating revenues of $846.6 million were higher than $816.6 million in the same quarter of last year. Three analysts' average revenue estimation was $990.80 million. Segments wise, Delivery and Services revenues of $692.4 million was lower than $702.2 million in the same quarter a year ago, Generation and Marketing revenue grew to $581.1 million from $488.6 million in last year quarter and Eliminations totaled $426.9 million in the recent quarter, compared to $374.2 million in the period year quarter. The company's total operating expenses for the third quarter were $618.2 million, compared to $605.5 million in the same quarter of the previous year. Income tax expense rose to $67.2 million from $40.9 million in the same quarter a year ago.

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