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Allegheny Tech 3Q Profit Down 29% On Increased Costs

DOW JONES NEWSWIRES Allegheny Technologies Inc.'s (ATI) third-quarter profit fell 29% on inventory charges related to increased nickel prices while revenue topped analysts' expectations. The metal processor, which makes products for aerospace and petrochemical industries, has seen results improve the past two quarters. But it said two weeks ago it expected to report third-quarter earnings below expectations due to steel-price increases and slowed volume growth as some clients started to destock. Chairman and Chief Executive L. Patrick Hassey said Tuesday the company is also "cautiously optimistic that demand for our standard sheet and plate products will continue to recover." Allegheny reported a third-quarter profit of $1 million, down from $1.4 million, a year earlier, with results flat on a per-share basis at 1 cent. The latest period included a 21-cent inventory charge related to increased nickel prices and 4 cents of tax charges. The company in October predicted earnings of 5 cents, well below analysts' then-estimate. Revenue surged 52% to $1.06 billion. Analysts had most recently estimated $984 million. Gross margin narrowed to 8.5% from 13.5% amid the higher costs. Revenue in Allegheny's flat-rolled products segment, its biggest by revenue and which makes stainless-steel sheets, surged 70% on 29% volume growth while the segment swung to a loss due to the nickel price increases. Revenue from the high-performance metal segment, which makes titanium- and nickel-based alloys, increased 23% and profit jumped 40%. Shares closed at $47.82 Monday and didn't trade premarket. The stock has risen 48% the past year. -By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com

Stock News for Allegheny (ATI)
DateTimeHeadline
07/27/201516:21:48Statement of Changes in Beneficial Ownership (4)
07/23/201517:17:24Statement of Changes in Beneficial Ownership (4)
07/23/201517:16:32Statement of Changes in Beneficial Ownership (4)
07/23/201517:15:41Statement of Changes in Beneficial Ownership (4)
07/21/201509:25:00Metal Fabrication Stocks Technical Data - Tenaris, Allegheny...
07/21/201507:30:10Current Report Filing (8-k)
07/21/201507:15:00ATI Announces Second Quarter 2015 Results
07/15/201513:06:24Why Allegheny Technologies Incorporated Stock Plunged Today
07/14/201517:50:12Allegheny Tech Warns of Weak Results
07/14/201516:45:12Current Report Filing (8-k)
07/14/201516:15:00ATI Comments on Second Quarter
07/07/201510:30:00Allegheny Technologies Announces Webcast of Conference Call for...
07/03/201505:57:00ACTIA Group : Information relative au nombre total de droits...
07/02/201505:44:00ACTIA GROUP : BILAN SEMESTRIEL DU CONTRAT DE LIQUIDITE
07/01/201508:27:02Current Report Filing (8-k)
07/01/201507:35:00ATI and USW Continue to Operate Under Existing Labor Agreements
06/24/201507:28:00Columbia Pipeline to Join the S&P 500; Other Changes to S&P MidCap...
06/17/201516:26:34Current Report Filing (8-k)
06/17/201508:00:00ATI to Expand Nickel-Based Superalloy Powder Capabilities
06/15/201503:55:00ATI Achieves PQ Titanium Product and Process Qualification

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