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.
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