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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;

Stock News for Allegheny (ATI)
10/06/201516:24:57Current Report Filing (8-k)
10/06/201516:15:00ATI Comments on Third Quarter 2015
10/01/201516:29:20Current Report Filing (8-k)
10/01/201510:50:00Allegheny Tech: Flat-Rolled Operations on Track
10/01/201508:45:00ATI Announces Successful Completion of Repairs to Hot-Rolling...
09/25/201516:17:44Current Report Filing (8-k)
09/24/201508:51:00ATI Completes Asset Based Lending Revolving Credit Facility Agreement
09/17/201501:00:00ACTIA Group : Mise à disposition du Rapport Financier Semestriel 2...
09/17/201501:00:00ACTIA Group : Résultats semestriels 2015
09/03/201516:29:19Current Report Filing (8-k)
09/03/201510:15:00ATI to Speak at the Gabelli 21st Annual Aircraft Supplier Conference
09/03/201507:30:00Gabelli & Company to Host Its 21st Annual Aircraft Supplier Conference...
08/14/201508:39:50Current Report Filing (8-k)
08/14/201508:20:00ATI Issues Lockout Notice to USW
08/10/201508:18:00Gabelli & Company’s 21st Annual Aircraft Supplier Conference
08/04/201507:30:00Gabelli & Company’s 21st Annual Aircraft Supplier Conference
08/03/201516:32:23Current Report Filing (8-k)
08/03/201511:22:00ATI Announces High Performance Materials & Components Segment...
07/31/201501:00:00ACTIA Group : Chiffre d’affaires du 2ème trimestre 2015 :...

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