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Allegheny Technologies Announces Second Quarter 2013 Results

Allegheny Technologies Incorporated (NYSE: ATI) reported net income for the second quarter 2013 of $4.4 million, or $0.04 per share, on sales of $1.14 billion. For the second quarter 2012, ATI reported net income of $56.4 million, or $0.50 per share, on sales of $1.36 billion.

For the six months ended June 30, 2013, net income was $14.4 million, or $0.13 per share, on sales of $2.31 billion. For the six months ended June 30, 2012, net income was $112.6 million, or $1.00 per share, on sales of $2.71 billion.

“Challenging conditions in many of our end markets continued during the second quarter 2013,” said Rich Harshman, Chairman, President and Chief Executive Officer. “Lackluster global demand for standard stainless and grain-oriented electrical steel products combined with excess global supply and falling raw material surcharges for stainless resulted in continuing pricing pressure and reduced margins on these products.

“Weak economic growth in the U.S., negative growth in the Eurozone, and slower growth in China, India and other developing economies continued to negatively impact demand and create pricing pressure for our products from the chemical process industry, electrical energy, and construction and mining equipment markets.

“Market fundamentals remained strong in the commercial aerospace, oil and gas, medical and automotive markets. However, consistently falling raw material prices, especially for nickel and titanium scrap, continued weak demand from the jet engine aftermarket, and aggressive inventory management actions throughout the supply chains, combined with relatively short lead times, continued to negatively impact short-term demand and prices for most of our products used in these markets.”
  • ATI’s sales to the key global markets of aerospace and defense, oil and gas/chemical process industry, electrical energy, and medical represented 69% of ATI first six months 2013 sales:
    • Sales to the aerospace and defense market represented 34% of ATI sales.
    • Sales to the oil and gas/chemical process industry represented 19% of ATI sales.
    • Sales to the electrical energy market represented 11% of ATI sales.
    • Sales to the medical market represented 5% of ATI sales.
  • Direct international sales represented 39% of ATI first half 2013 sales.

High-value products sales represented approximately 79% of ATI first half 2013 sales. Sales of nickel-based alloys and specialty alloys represented 24% of first half 2013 ATI sales. Sales of our titanium products, including Uniti joint venture conversion, represented 15% of first half 2013 ATI sales. Total titanium mill product shipments, including flat-rolled titanium products, were 9.3 million pounds in the second quarter 2013, bringing the first half total to 19.6 million pounds. Sales of precision forgings and castings represented approximately 13% of first half 2013 sales.

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