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Allegheny Technologies Announces Fourth Quarter And Full Year 2012 Results

“In our Engineered Products segment, we see continued solid demand for our tungsten-based products. After very strong demand for our industrial forgings in the first half of 2012, demand decreased in the second half due to slowing global growth, which impacted the heavy equipment market. We expect these conditions to continue in the first half of 2013, with improving demand in the second half.

“We expect 2013 pre-tax retirement benefit expense to be about $130 million, or approximately $8 million higher than 2012. Essentially all of the 2013 pension expense is expected to be non-cash.

“We currently expect 2013 capital expenditures to be approximately $550 million, which includes approximately $450 million relating to the HRPF project. We expect 2013 to be our peak year for capital expenditures. Depreciation expense in 2013 is forecasted to be approximately $195 million.

“In summary, we are very well-positioned to benefit from improving market conditions throughout 2013 and beyond. We believe demand from the aerospace, oil and gas, and medical global markets, and certain chemical processing industry markets, will improve for our products as we move through 2013. We expect most short-cycle GDP-sensitive markets will continue to be challenged in the first quarter of 2013 and perhaps the first half of 2013. Overall, these economic conditions should provide relatively stable raw material costs in 2013, compared to current levels. We continue to focus on improving our cost structure and financial performance and we have targeted a minimum of $100 million in new gross cost reductions for 2013. Based on these views, we expect moderate growth in revenue and improvement in segment operating profit in 2013, compared to 2012, with the first half of 2013 providing greater uncertainties.”

        Three Months Ended     Year Ended
December 31 December 31
In Millions
2012   2011 2012   2011
Sales $ 1,101.1 $ 1,251.4 $ 5,031.5 $ 5,183.0
 
Net income attributable to ATI before special charges

$

19.3

$

34.5

$

167.2

$

243.9

 

Special charges*

$

(8.8

)

$

(2.8

)

$

(8.8

)

$

(29.6

)

 
Net income attributable to ATI $ 10.5 $ 31.7 $ 158.4 $ 214.3
 

Per Diluted Share

Net income attributable to ATI before special charges

$

0.18

$

0.31

$

1.51

$

2.23

 

Special charges*

$

(0.08

)

$

(0.02

)

$

(0.08

)

$

(0.26

)

 
Net income attributable to ATI $ 0.10 $ 0.29 $ 1.43 $ 1.97
 

* For 2012 special charges are comprised of $8.8 million for asset write-downs associated with a casting facility closure. For 2011, special charges include non-recurring Ladish acquisition expenses, accelerated recognition of equity-based compensation expense due to executive retirements, restructuring costs, and a discrete tax charge.

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