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ATI Announces Fourth Quarter and Full Year 2019 Results
Strong Execution Drives Solid Operating Results Across ATI
- Fourth Quarter 2019 Highlights
- Sales of $1.02 billion, down 2% compared to Q4 2018, up 3% excluding divestitures
- Business segment operating profit of $105.3 million, or 10.3% of sales
- $491 million of cash on hand at year-end after reducing debt by $150 million
- Net income attributable to ATI of $56.5 million, or $0.41 per share
- Adjusted net income of $50.2 million, or $0.36 per share
- Full Year 2019 Highlights
- Sales of $4.12 billion, up 2% compared to 2018, up 4% excluding divestitures
- Business segment operating profit of $380.7 million, or 9.2% of sales
- Generated $250 million in cash proceeds from sales of non-core assets
- Net income attributable to ATI of $257.6 million, or $1.85 per share
- Adjusted net income of $165.1 million, or $1.21 per share
PITTSBURGH--(BUSINESS WIRE)--February 4, 2020--Allegheny Technologies Incorporated (NYSE: ATI) reported fourth quarter 2019 results, with sales of $1.02 billion and net income attributable to ATI of $56.5 million, or $0.41 per share. Fourth quarter 2019 results include several special charges (pretax): a $21.6 million debt extinguishment charge for the early retirement of $500 million Senior Notes due January 2021, an $11.4 million impairment reserve related to our A&T Stainless joint venture, and a $4.5 million business restructuring charge to streamline ATI’s salaried workforce. Fourth quarter results also include a $41.9 million tax benefit primarily related to the release of a significant portion of our income tax valuation allowances. Excluding the net effect of these special charges and tax benefits, adjusted net income attributable to ATI was $50.2 million, or $0.36 per share. For the fourth quarter 2018, sales were $1.04 billion and net income attributable to ATI was $41.1 million, or $0.30 per share.
For the full year 2019, sales were $4.12 billion and net income attributable to ATI was $257.6 million, or $1.85 per share. In addition to the fourth quarter special items, full year 2019 results include $89.8 million in pretax gains on sales of non-core assets. Excluding these items net-of-tax, 2019 net income attributable to ATI was $165.1 million, or $1.21 per share. This compares to 2018 sales of $4.05 billion and net income attributable to ATI of $222.4 million, or $1.61 per share. On an adjusted basis, 2018 net income attributable to ATI was $207.7 million, or $1.51 per share.
“The team executed well in the fourth quarter, delivering solid results in both operating segments, and successfully capping a challenging year buffeted by industry, supply chain and regulatory headwinds,” said Robert S. Wetherbee, ATI President and Chief Executive Officer. “Excluding divested businesses, we expanded our 2019 aerospace and defense sales by a double-digit percentage versus the prior year, demonstrating our focus on strategic end-markets where materials science matters.
The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, February 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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