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Allegheny Tech 4Q Profit Falls 60%, Hurt By Pricing

DOW JONES NEWSWIRES Allegheny Technologies Inc.'s (ATI) fourth-quarter earnings slid 60%, hurt by one-time charges and after a year-earlier gain, as the company's sales rose but margins declined amid higher metal prices. The company also forecast current-year sales growth of 15% to 20%. Analysts surveyed by Thomson Reuters most recently expected 11% growth. Chairman and Chief Executive L. Patrick Hassey said the company expects "the resumption of strong secular growth in our key global markets beginning in 2011." "As the U.S. economy continues to recover in 2011, we believe demand will increase for our standard stainless sheet and plate products," Hassey said. "Our customers are closely watching price trends in raw materials as surcharges can affect the timing of their purchasing decisions." Allegheny, a metal processor that makes products for the aerospace and petrochemical industries, has experienced rising revenue in recent quarters, though it has suffered from higher steel prices lately. In November, the company agreed to acquire fellow metal-products maker Ladish Co. (LDSH) in a cash-and-stock deal that valued the company at about $778 million. Allegheny reported a profit of $15.1 million, or 15 cents a share, down from $37.8 million, or 36 cents, a year earlier. The most-recent quarter included a $15.1 million inventory-valuation reserve charge and $20.4 million in startup and idle-facility costs, while the year-earlier quarter's earnings were helped by a $43.8 million benefit and dinged by $13.5 million of startup and idle-facility costs. Revenue jumped 27% to $1.04 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 30 cents on $1.05 billion in revenue. Gross margin plunged to 12.3% from 19.4%. Sales in its flat-rolled products segment--its biggest by sales and which makes stainless-steel sheets--jumped 34%, though profit slid 19%. Revenue from its high-performance metal segment, which makes titanium- and nickel-based alloys, increased 12% while profit declined 28%. Shares closed at $58.40 Tuesday and were inactive premarket. The stock has risen 38% this year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@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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