Shares of Allegheny Technologies skyrocketed more than 30 percent in afternoon trading Tuesday after the company posted earnings that exceeded analyst expectations.
The specialty metals manufacturer reported earnings per share of 9 cents per share, beating expectations of a loss of 11 cent per share, according to a Thomson Reuters estimate. However, the company reported revenue below expectations at $796 million versus the Street estimate of $804 million.
The stock ended the day at $22.28, or about 31 percent higher, its best-ever daily performance.
"Our fourth quarter 2016 results represent a positive ending to a difficult year. Growth was strong for our next-generation aerospace products, and ATI benefited from significant restructuring actions across the Company," Allegheny Technologies CEO and President Rich Harshman said. "High Performance Materials & Components operating profit reached 11% of sales. The Flat Rolled Products segment results were close to break-even, after four years of operating losses.
Harshman said 2016 was "a period of transition" for the company, as they worked to "improve [their] cost structure and lay the groundwork for future long-term profitable growth."