Allegheny Technologies Q2 Results and Outlook
Allegheny Technologies Inc. (NYSE:ATI) announced second‑quarter 2026 results that surpassed analyst expectations, prompting the stock to rise 7.1% after the release. Adjusted earnings per share (EPS) for the quarter were $1.23, exceeding the consensus estimate of $1.02 by $0.21. Revenue reached $1.26 billion, beating the $1.22 billion forecast and representing an 11% increase over the $1.14 billion recorded in the same quarter of the prior year.
The company provided guidance for the third quarter, projecting adjusted EPS in the range of $1.31 to $1.37, with a midpoint of $1.34, well above the analyst consensus of $1.15. For the full fiscal year 2026, ATI raised its adjusted EPS outlook to $4.90‑$5.18, up from the previous range of $4.20‑$4.48; the midpoint of $5.04 also exceeds the consensus estimate of $4.46.
Adjusted EBITDA for Q2 was $284.4 million, equal to 22.6% of sales, compared with $207.7 million (18.2% of sales) in the year‑over‑year comparable period, reflecting a 37% increase. The company’s backlog grew to a record $4.4 billion, an 18% rise year‑over‑year. Sales in the aerospace and defense segment rose 13% year‑over‑year and accounted for 68% of total revenue.
Full‑year adjusted free cash flow guidance was increased to a range of $550 million to $600 million, up from the prior range of $465 million to $525 million.
Kimberly A. Fields, Board Chair, President and CEO, said the results demonstrate the earnings potential being built across both segments, highlighting the 11% sales growth and 37% EBITDA increase.