Allegheny Technologies Incorporated (NYSE:ATI) reported a strong Q4 beat and above-Street outlook, pushing the stock price 17% higher on Wednesday.

Q4 EPS came in at $0.10, which is 150% above the consensus estimate and the midpoint of the company’s 2022 guidance was around 40% ahead of the consensus estimate. Management guidance suggests positive adjusted FCF in 2022 and the company also announced a $150 million share buyback authorization.

Analysts at Berenberg Bank provided their views on the company following the results, noting that they like the company, given (1) rising sales and earnings in 2021-2023, mainly driven by narrowbody build rate increase, (2) improving mix, which should warrant a higher multiple, and (3) improving balance sheet and FCF.