Allegheny Technologies Rides Out Airliner Turbulence
Congressional testimony by Boeing (NYSE: BA) CEO Dennis Muilenburg this week reminded investors of the ongoing uncertainty surrounding the aircraft manufacturer's fortunes. But an earnings announcement by specialty metals fabricator Allegheny Technologies (NYSE: ATI) suggests that despite the issues plaguing Boeing's 737 MAX rollout, downstream suppliers remain confident in increased demand in the coming years.
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Allegheny's future is levered to a cycle of upgrades by the world's aging commercial airliner and cargo fleets. Concerns over the grounding of the MAX following two crashes spurred Allegheny's shares to slide by more than 20% for the year in August, before rebounding almost completely by Friday's close after an upbeat third-quarter release.
Source Fool.com
