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ATI Announces Full Year and Fourth Quarter 2018 Results
Full Year 2018 Results
were $4.05 billion, up 15% versus prior year
- 49% of ATI sales to the aerospace and defense markets
operating profit was $413 million, or 10.2% of sales, up 46% versus
- High Performance Materials & Components (HPMC) segment operating profit was $335 million, or 14.4% of sales
- Flat Rolled Products (FRP) segment operating profit was $78 million, or 4.5% of sales
income attributable to ATI was $222.4 million, or $1.61 per share
- Significant improvement following prior years’ restructuring actions
- $382 million of cash on hand at year-end 2018 driven by strong Q4 cash generation
Fourth Quarter 2018 Results
were $1.04 billion, 14% higher than Q4 2017
- HPMC segment sales of $596 million, up 15% versus Q4 2017
- FRP segment sales of $442 million, up 13% versus Q4 2017
segment operating profit was $87 million, or 8.4% of sales
- HPMC segment operating profit was $76 million, or 12.7% of sales
- FRP segment operating profit was $11 million, or 2.6% of sales
- Net income attributable to ATI was $41.1 million, or $0.30 per share
PITTSBURGH--(BUSINESS WIRE)--January 22, 2019--Allegheny Technologies Incorporated (NYSE: ATI) reported 2018 results. For the full year 2018, sales increased 15%, to $4.05 billion, and segment operating profit increased by 46%, to $413.2 million, or 10.2% of sales. Net income attributable to ATI for 2018 was $222.4 million, or $1.61 per share, compared to a full year 2017 net loss attributable to ATI of $91.9 million, or $(0.83) per share. On an adjusted basis, full year 2018 net income was $207.7 million, or $1.51 per share, excluding a $14.7 million, or $0.10 per share, gain on the sale of a 50% interest and subsequent deconsolidation of the A&T Stainless joint venture in March 2018, compared to adjusted 2017 net income attributable to ATI of $54.6 million, or $0.48 per share, excluding a $37.0 million debt extinguishment charge, tax legislation impacts and a $113.6 million net-of-tax charge for goodwill impairment.
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. Prior year Q4 sales were $909.9 million and net income attributable to ATI was $1.7 million, or $0.01 per share, which included a $37.0 million debt extinguishment charge. Excluding this debt charge and certain tax legislation impacts, prior year Q4 adjusted net income was $34.6 million, or $0.27 per share.
The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, January 22, 2019 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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