Allegheny Technologies Incorporated (NYSE: ATI) stock rose over 6.3% today leading to a total rise of 94.5% in this year to date (As of 12:18PM EST; Source: Google finance)

Allegheny Technologies Incorporated (NYSE: ATI) reported a Sales rise of 14% yoy to $910 million for fourth Quarter of 2017. As per their segment’s performance, the High Performance Materials & Components sales rose 9% yoy to $518 million, while Flat Rolled Products sales surged 23% yoy to $392 million. Business segment operating profit reached $88.2 million, or 10% of sales. For the fiscal year of 2017, their Sales rose 13% yoy to $3.5 billion. Segment operating profit reached $283.4 million, or 8% of sales

 The sales of next-generation jet engine products, rose 26% on a yoy basis during the quarter driven by fourth quarter High Performance Materials & Components (HPMC) segment operating profit margins to 12.7% of sales.

 Flat Rolled Products (FRP) segment also performed well leading to over $22 million of segment operating profit, or nearly 6% of sales. This is best quarter in the FRP segment in the last five years. The group’s HPMC segment, is their next-generation, differentiated jet engine product mix which continued to improve, with sales of these products rising 35% in 2017 against the corresponding period.

 The group made a long-term agreement which would drive HPMC’s growth trajectory for the next several years, including a long-term agreement with Pratt & Whitney to supply isothermal forgings and powder alloys for next-generation jet engines. Moreover, they are further strengthening their advanced powder production capabilities. The nickel-based powder alloy expansion in North Carolina was finished and would be made commercially qualified by early 2018.

 Going forward, the group forecasts an ongoing revenue growth and operating margin improvement for their HPMC segment leading to an ongoing aerospace market demand growth and a better asset utilization. The group continues to make improvement initiatives, and on meeting the aerospace production ramp requirements. They forecast the FRP segment to build on the operational improvements and product mix benefits achieved in 2017, and to improve operating margins year over year. The group forecasts a production ramp-up of the planned Allegheny & Tsingshan Stainless joint venture to drive second half 2018 FRP results.