Shares of Allegheny Technologies (NYSE: ATI) climbed nearly 10% on Thursday following the aerospace-component manufacturer's third-quarter earnings report. Investors had been bracing for the worst due to the continued grounding of Boeing's 737 MAX, but Allegheny seems to be managing well through the crisis.
Before markets opened Thursday, Allegheny reported adjusted earnings of $0.33 per share on revenue of $1.02 billion, just ahead of consensus estimates for $0.32 per share in earnings on sales of $1.01 billion. The company, a maker of parts made from titanium and other alloys, was led by its flat-rolled products division, while its high-performance materials segment showed some weakness.
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