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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)
DateTimeHeadline
03/03/201714:37:00U.S. Producers Of Stainless Steel Sheet And Strip Applaud ITC...
02/24/201714:15:07Annual Report (10-k)
02/15/201707:09:48Statement of Ownership (sc 13g)
02/15/201701:00:00ACTIA : Chiffre d’affaires annuel 2016
02/13/201714:32:18Amended Statement of Ownership (sc 13g/a)
02/09/201711:50:36Amended Statement of Ownership (sc 13g/a)
02/09/201708:23:17Statement of Ownership (sc 13g)
02/09/201706:05:33Amended Statement of Ownership (sc 13g/a)
02/09/201701:00:00ACTIA GROUP : Information relative au nombre total de droits...
01/31/201716:36:25Statement of Changes in Beneficial Ownership (4)
01/31/201716:35:33Statement of Changes in Beneficial Ownership (4)
01/31/201716:34:41Statement of Changes in Beneficial Ownership (4)
01/31/201716:33:49Statement of Changes in Beneficial Ownership (4)
01/31/201716:32:57Statement of Changes in Beneficial Ownership (4)
01/31/201716:32:31Statement of Changes in Beneficial Ownership (4)
01/31/201716:31:39Statement of Changes in Beneficial Ownership (4)
01/24/201707:39:38Current Report Filing (8-k)
01/24/201707:15:00ATI Announces Fourth Quarter and Full Year 2016 Results
01/17/201716:41:46Amended Statement of Ownership (sc 13g/a)
01/10/201711:50:00Allegheny Technologies Announces Webcast of Conference Call for...

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