Allegheny Technologies shares advanced today after the specialty metals producer raised its fourth quarter outlook, citing improved shipments and pricing, lower raw materials costs and other factors.

Chairman, President and CEO L. Patrick Hassey said the company expects to report earnings of 20 cents to 25 cents per share. The company previously forecast fourth quarter results similar to the 1 cent per share it earned in the third quarter.

Mr. Hassey said the brighter outlook means the company will turn a profit in 2009. For the first nine months of the year, Allegheny reported a loss of $6.1 million, or 6 cents per share, on sales of $2.24 billion.

Allegheny is scheduled to announce results for the fourth quarter and full year before the market opens on Jan. 27.

Shortly before 10 a.m., the metals producer's shares were trading at $39.55, up $1.49. They are up 55 percent for the year.

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