Allegheny Technologies 3rd-quarter Profit Tumbles

PITTSBURGH (AP) — Specialty metals producer Allegheny Technologies Inc. said Wednesday its profit was decimated in the third quarter from the same period last year due to significantly lower raw material surcharges and a drop in shipments.

Allegheny posted a profit attributable to common shareholders of $1.4 million, or a penny per share, down from a profit of $144.1 million, or $1.45 per share, for the same quarter last year.

Sales dropped 50 percent to $697.6 million from $1.39 billion. Sales of high-performance metals fell 45 percent, flat-rolled products sales dropped 52 percent, and engineered products sales decreased 52 percent.

The results fell short of Wall Street predictions. Analysts polled by Thomson Reuters expected a profit of 3 cents per share on $738.5 million in revenue.

Shares of Allegheny Technologies slid $2.64, or 6.9 percent, to $35.35 in premarket activity. The stock has ranged from $15 to $44.09 over the past year.