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Allegheny Technologies Announces Fourth Quarter And Full Year 2013 Results

Allegheny Technologies Incorporated (NYSE: ATI) reported fourth quarter 2013 sales of $915.3 million and a loss from continuing operations attributable to ATI of $83.8 million, or $(0.79) per share, including $75.1 million net of tax, or $(0.71) per share, of charges for restructuring actions and inventory valuation adjustments. Net income attributable to ATI for the fourth quarter 2013 was $173.4 million, or $1.62 per share, including restructuring charges and inventory valuation adjustments of $75.1 million net of tax, or $(0.71) per share in continuing operations, the previously announced gain on sale of the tungsten materials business of $261.4 million net of tax, or $2.45 per share, and $6.1 million net of tax, or $(0.06) per share of asset impairment charges, in discontinued operations. Fourth quarter 2012 income from continuing operations attributable to ATI was $16.0 million, or $0.15 per share, and net income attributable to ATI was $10.5 million, or $0.10 per share, including an $8.8 million net of tax asset impairment charge in discontinued operations.

For the full year 2013, ATI reported a loss from continuing operations attributable to ATI of $98.8 million, or $(0.93) per share including the $75.1 million, or ($0.71) per share, fourth quarter restructuring charges and inventory valuation adjustments. Net income attributable to ATI was $154.0 million, or $1.44 per share, including the gain on sale of the tungsten materials business, restructuring charges and inventory valuation adjustments in continuing operations, and charges related to discontinued operations. For the full year 2012, income from continuing operations attributable to ATI was $150.5 million, or $1.36 per share, and net income attributable to ATI was $158.4 million, or $1.43 per share, including impairment charges in discontinued operations.

Results of operations, including the effects of charges for restructuring and inventory valuation adjustments, the gain on sale of the tungsten materials business, and discontinued operations were as follows:
  Three Months Ended   Year Ended
December 31 December 31
In Millions
2013   2012 2013   2012
 
Sales $ 915.3 $ 1,021.4 $ 4,043.5 $ 4,666.9
 
Income (loss) from continuing operations attributable to ATI before charges

(8.7

)

16.0

(23.7

)

150.5
Charges (a)   (75.1 )   0.0     (75.1 )   0.0
Income (loss) from continuing operations attributable to ATI

(83.8

)

16.0

(98.8

)

150.5
Income (loss) from discontinued operations attributable to ATI (b)  

257.2
 

 
 

(5.5

)
 

252.8
   

7.9
Net income attributable to ATI $ 173.4 $ 10.5 $ 154.0 $ 158.4
 
Per Diluted Share
 
Continuing operations attributable to ATI per common share before charges

$

(0.08

)

$

0.15

$

(0.22

)

$

1.36
Charges (a) $ (0.71 ) $ 0.00   $ (0.71 ) $ 0.00
Continuing operations attributable to ATI per common share

$

(0.79

)

$

0.15

$

(0.93

)

$

1.36
Discontinued operations attributable to ATI per common share (b) (c)

$

2.41
 

$

(0.05

)

$

2.37
 

$

0.07
Net income attributable to ATI per common share (c)

$

1.62

$

0.10

$

1.44

$

1.43
 
(a)   Continuing operations include a $75.1 million after-tax charge, or $(0.71) per share, in the fourth quarter 2013 for restructuring charges primarily associated with facility closures, asset impairment charges, and inventory valuation adjustments.
(b) Discontinued operations include a $261.4 million after-tax gain on the sale of the tungsten materials business in the fourth quarter 2013. The fourth quarter 2013 and full year 2013 includes after-tax charges of $6.1 million, or $(0.06) per share, and $11.9 million, or $(0.11) per share, respectively, primarily related to asset impairment charges in the fabricated components and iron casting businesses. Fourth quarter and full year 2012 results include after-tax charges of $8.8 million, or $(0.08) per share, for asset impairment charges in the iron castings business.
(c) Earnings per share for discontinued operations attributable to ATI, and for net income attributable to ATI, for the fourth quarter and full year 2013 do not include the effect of dilutive securities.
 

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