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Allegheny Technologies 4Q Profit Falls 66% On Sales Decline

DOW JONES NEWSWIRES Allegheny Technologies Inc.'s (ATI) fourth-quarter profit dropped by two-thirds as the metals processor's sales declined, but results still beat analysts' forecasts. "The fourth quarter was by far our best quarter in 2009 as we began to see signs of stabilization and cyclical recovery in many of our markets," said Chief Executive L. Patrick Hassey. "ATI's fourth-quarter performance benefited from better volume, pricing and mix for certain products, lower raw materials costs, and improvements to our cost structure." For 2010, Hassey said the company expects to see "gradual and steady improvements in most of our global markets" and targeted at least $100 million of new cost reductions. Allegheny last month had boosted its fourth-quarter profit estimate, citing benefits from better volume and pricing, as well as lower raw material costs and improved cost structure. The company reported a profit of $37.8 million, or 36 cents a share, down from $110.9 million, or $1.15 a share, a year earlier. Sales fell 27% to $815.7 million. Analysts surveyed by Thomson Reuters expected earnings of 22 cents a share on sales of $800 million. Gross margin fell to 19.4% from 20%. Allegheny said it had cut costs totaling $173 million for 2009, exceeding its goal of $150 million. -By Yogita Patel and Nathan Becker, Dow Jones Newswires; 212-416-2262; [email protected]

Stock News for Allegheny (ATI)
01/17/201716:41:46Amended Statement of Ownership (sc 13g/a)
01/10/201711:50:00Allegheny Technologies Announces Webcast of Conference Call for...
01/09/201714:05:12Amended Statement of Ownership (sc 13g/a)
01/06/201710:41:05Annual Report of Employee Stock Plans (11-k)
01/06/201710:37:34Annual Report of Employee Stock Plans (11-k)
01/06/201710:34:13Annual Report of Employee Stock Plans (11-k)
12/12/201612:00:00ACTIA: Calendrier des publications financières 2017
12/01/201616:24:09Current Report Filing (8-k)
12/01/201616:10:00Allegheny Technologies Suspends Quarterly Dividend
11/10/201601:00:00ACTIA : Chiffre d’affaires du 3ème trimestre 2016
11/04/201611:36:47Statement of Ownership (sc 13g)
11/04/201602:00:00ACTIA GROUP : Information relative au nombre total de droits...
11/02/201616:06:29Quarterly Report (10-q)
10/31/201616:05:31Current Report Filing (8-k)
10/25/201607:28:16Current Report Filing (8-k)
10/25/201607:15:00ATI Announces Third Quarter 2016 Results
10/11/201611:29:00Allegheny Technologies Announces Webcast of Conference Call for...
09/21/201601:00:00ACTIA Group : Mise à disposition du Rapport Financier Semestriel...
09/21/201601:00:00ACTIA : Résultats du 1er semestre 2016
09/12/201614:02:00U.S. Stainless Steel Sheet And Strip Producers Encouraged By...

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