This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Allegheny Technologies Announces Third Quarter 2012 Results

Allegheny Technologies Incorporated (NYSE: ATI) reported net income for the third quarter 2012 of $35.3 million, or $0.32 per share, on sales of $1.22 billion. In the third quarter 2011, ATI reported net income of $62.3 million, or $0.56 per share, on sales of $1.35 billion.

For the nine months ended September 30, 2012, net income was $147.9 million, or $1.32 per share, on sales of $3.93 billion. For the nine months ended September 30, 2011, net income was $182.6 million, or $1.68 per share, on sales of $3.93 billion.

“Continuing uncertainty regarding global economic conditions impacted our third quarter 2012 results,” said Rich Harshman, Chairman, President and Chief Executive Officer. “We are seeing conservative inventory management throughout the supply chains of most of our major end markets. These actions appear to be driven by concerns about the U.S. election and resolution of the U.S. ‘fiscal cliff’, and uncertain economic trends in China, Europe, and Japan.

“We believe that as these uncertainties begin to be resolved, demand will improve for our GDP-sensitive products and strong secular growth trends will resume in our key global markets. We are not waiting for resolution of these macroeconomic issues. We continue to improve our cost structure and execute our strategies to enhance our competitive position by completing our strategic capital investments, introducing and qualifying innovative new products, improving our position with existing customers, and growing our participation at new customers.”

  • ATI’s sales to the key global markets of aerospace and defense, oil and gas/chemical process industry, electrical energy, and medical represented 68% of ATI sales for the first nine months of 2012:
    • Sales to the aerospace and defense market were $1.25 billion and represented 32% of ATI sales.
    • Sales to the oil and gas/chemical process industry were $769 million and represented 20% of ATI sales.
    • Sales to the electrical energy market were $464 million and represented 12% of ATI sales.
    • Sales to the medical market were $166 million and represented 4% of ATI sales.
  • Direct international sales were $1.4 billion for the first nine months of 2012 and represented nearly 36% of ATI sales.

“The current economic conditions have resulted in softening of demand from the jet engine aftermarket and a cautious approach to managing inventory in the supply chains of both airframe and jet engine OEMs,” said Mr. Harshman. “In spite of these short-term headwinds, we see strong growth in demand for our products from the commercial aerospace market over the next 3 to 5 years. OEM backlogs remain at record levels and announced production rate ramps remain on schedule. The new airframe designs and the new jet engines that meet the need for improved energy and environmental efficiency are demand drivers for ATI’s differentiated products.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs