ATI now expects to post sales of about $520 million for the just-completed period. In contrast, back in June, the company forecast that sales for the quarter would range from $620 million to $660 million.

The company did not update its expense guidance. While ATI didn't forecast its bottom line in June, its outlook on expenses implied that earnings would range from 12 cents to 22 cents a share.

Prior to Wednesday's warning, analysts were expecting ATI to earn 16 cents a share in its fourth quarter, excluding stock-options costs, on $642.1 million in sales, according to Thomson First Call.

The sell side had already taken down their targets following the company's last earnings report. At that time, they were expecting the company to earn 20 cents a share on $694 million in sales.

ATI shares closed regular trading off 38 cents, or 1.7%, to $21.40.

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