What's Behind Allegheny Technologies' (ATI) Falls on Wednesday?

NEW YORK (TheStreet) -- Allegheny Technologies (ATI) is plunging after reporting mixed fourth-quarter earnings on Wednesday. By early afternoon, shares had given up 6% to $32.13.

The metals processor reported a fourth-quarter net loss of 8 cents a share, significantly less than a loss of 19 cents a share analysts surveyed by Yahoo! Finance had anticipated. However, revenue of $915 million saw a 16.8% year-over-year decrease and missed consensus by $95 million.

For fiscal 2013, the Pittsburgh-based business reported sales from continuing operations of $4 billion, missing estimates by $310 million.

"Fourth-quarter 2013 operating profit results were negatively impacted by low shipments of many high-value and standard products, low base-selling prices for many products, and the impact of higher raw material input costs for products with longer manufacturing cycle times not aligned with falling raw material sales indices and surcharges, which continue to negatively impact raw materials cost recovery," said CEO Rich Harshman in a statement.

TheStreet Ratings team rates ALLEGHENY TECHNOLOGIES INC as a Hold with a ratings score of C. The team has this to say about their recommendation:

"We rate ALLEGHENY TECHNOLOGIES INC (ATI) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."

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