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ATI Announces First Quarter 2014 Results

Allegheny Technologies Incorporated (NYSE: ATI) reported first quarter 2014 sales of $987.3 million and a loss from continuing operations attributable to ATI of $18.1 million, or $(0.17) per share. For the first quarter 2013, net income from continuing operations attributable to ATI was $9.7 million, or $0.09 per share, on sales of $1,099.0 million.

“As we began 2014, we were cautiously optimistic that business conditions would gradually improve as we move through the year,” said Rich Harshman, Chairman, President and Chief Executive Officer. “Our first quarter results and our near-term outlook are consistent with that view. While the first quarter was challenging, business conditions improved as the quarter progressed. As we enter the second quarter, we are seeing meaningful signs of continued improvement. Our backlog at $1.8 billion is at its highest point in the last two years. Demand from the jet engine market is beginning to improve for both new builds and aftermarket spares. The oil & gas supply chain appears to be in better balance. The markets for flat-rolled stainless sheet and plate and grain-oriented electrical steel are improving and base price increases are being realized. In addition, demand from long-stalled project business is beginning to reappear.”

ATI’s sales to the key global markets of aerospace and defense, oil & gas/chemical process industry, electrical energy, and medical represented 67% of ATI first quarter 2014 sales, as follows:

Aerospace & defense     35%
Oil & gas/chemical process industry 16%
Electrical energy 11%
Medical 5%

International sales were $374 million and represented 38% of ATI 2014 sales.

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