Earnings Preview: Allegheny Tech

Allegheny Technologies (ATI) is expected to report Q1 earnings today with a conference call scheduled for 1:00 pm EST.

Guidance

The consensus estimate is $1.48 for EPS and $1.30B for revenue, according to First Call.

Analyst Views

Most of the commentary of late from analysts has been cautious in tone. The predominant rating on Allegheny on the Street is Neutral or Hold. On April 4, Cowen downgraded Allegheny to a Neutral as it believed estimates were too high on the Street and that sentiment was too positive.

Additionally, Keybanc recently reduced its 2008 outlook for Allegheny to reflect some additional weakening of spot titanium pricing, as well as delays in achieving base price increases in commodity stainless steel products. Also note the recent options call action on unconfirmed speculation of a buyout of Allegheny Technologies