Allegheny Technologies Profit Down Sharply

PITTSBURGH -- Titanium producer Allegheny Technologies (ATI Quote) said Wednesday its fourth-quarter profit fell more than 25%, yet it still beat Wall Street expectations.

Net income declined to $110.9 million, or $1.15 per share, from $148.9 million, or $1.45 per share.

Analysts surveyed by Thomson Reuters expected earnings per share for the quarter of 90 cents.

Revenue of $1.11 billion for the quarter ended Dec. 31 slid nearly 13% from $1.27 billion in the same period in 2007. Analysts expected $1.12 billion, on average.

L. Patrick Hassey, chairman, president and CEO, said 2008 was the second best year in sales and per-share profit in the Pittsburgh-based company's history.

"This was accomplished even with supply chain disruptions and schedule pushouts in the aerospace market and an unprecedented fall in demand from many of our other markets during the fourth quarter," he said.

For 2008, profit fell to $565.9 million, or $5.67 per share, from $747.1 million, or $7.26 per share, in 2007.

Revenue last year was $5.31 billion, down slightly from $5.45 billion in 2007.