Allegheny Technologies Inc. ATI is a diversified specialty materials producer operating through two segments, High Performance Materials and Components, and Flat-Rolled Products.Allegheny is in the process of finishing several self-funded capital projects, some of which have already been completed, to help augment organic growth and its cost structure. The company’s $1.2 billion Hot-Rolling and Processing Facility (HRPF) is now fully integrated into daily operations and is producing high-value and standard flat rolled products in wider, longer and thinner coils. The HRPF facility is expected to significantly boost capabilities of the Flat-Rolled Products division. The company has also started production ramp at its Rowley titanium sponge facility.However, Allegheny is exposed to certain challenges (including pricing pressure) in its Flat Rolled Products segment. Significant restructuring measures have been undertaken by the company in this segment, including laying-off one-third salaried workers employed here. Selling prices and demand for the company’s standard stainless products also remain under pressure.Let’s have a quick look at this Pennsylvania-based company’s first-quarter release.Estimate Trend & Surprise HistoryInvestors should note that the Zacks Consensus Estimate for Allegheny for the first quarter has narrowed from a loss of 60 cents to 59 cents per share over the past month. The company has beaten the Zacks Consensus Estimate in 2 of the trailing 4 quarters while missing in the other 2 with an average negative surprise of 11.00%.EarningsAllegheny delivered adjusted loss of 58 cents per share for the quarter, narrower than the Zacks Consensus Estimate of a loss of 59 cents.RevenuesAllegheny reported revenues of $758 million, which narrowly missed the consensus estimate of $760 million.Key Stats/Developments to NoteAllegheny had expected its High Performance Materials & Components (“HPMC”) segment to perform well in the aerospace sector, which it did. Sales in the sector accounted for 52% of total sales in the first quarter as compared to 41% in 2015. Work stoppage in the quarter led to non-recurring operating costs in the segment; however, agreements to prevent this in the future have been signed.The Flat Rolled Products (“FRP”) segment still faces restructuring. The quarter saw the idling of the Midland, PA facility, as had been announced earlier. The segments sales of HRPF-enabled nickel-based alloys and specialty alloys rose 20% in the first quarter of 2016 from the previous quarter. Further restructuring is expected to make the segment profitable from the second half of 2016.Zacks RankCurrently, Allegheny has a Zacks Rank #4 (Sell), which reflects the challenges faced by the company.Market ReactionAllegheny’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.Check back later for our full write up on Allegheny’s earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ALLEGHENY TECH (ATI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research