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 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.

1 of 7

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 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

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