Exhibit 99.1
 

ATI Announces Second Quarter 2017 Results

  • Sales were $880 million, up 2% compared to Q1 2017
    • High Performance Materials & Components sales increased 3%, to $526 million
    • Flat Rolled Products sales steady at $354 million
  • Business segment operating profit was $71 million, or 8% of sales
    • HPMC segment operating profit increased by 34% to $68 million, or 13% of sales
      • Includes $2 million of start-up costs for Bakers Powder Operations
    • FRP segment operating profit was $3 million, or 1% of sales
      • FRP results adversely affected by falling raw material surcharges
  • Net income attributable to ATI was $10 million, or $0.09 per share

PITTSBURGH--(BUSINESS WIRE)--July 25, 2017--Allegheny Technologies Incorporated (NYSE: ATI) reported second quarter 2017 sales of $880 million and net income attributable to ATI of $10 million, or $0.09 per share. Business segment operating profit was $71 million, or 8.1% of sales.

“Sales of our next-generation products reached 40% of jet engine sales in our High Performance Materials & Component (HPMC) segment in the quarter. HPMC operating profit was nearly 13% of sales,” said Rich Harshman, Chairman, President and Chief Executive Officer.

“Our Flat Rolled Products (FRP) segment’s operating profit was $3 million during a period of low and falling raw materials prices.

“We remained on track in the HPMC segment in the first half 2017. HPMC jet engine sales increased 11%, highlighted by a 27% increase of forged products sales in the first half 2017, compared to the first half 2016. This is consistent with our previous comments that specialty materials mill product sales lead the next-generation ramp, as they did in 2016, followed by increased sales of our forged products.

“In our FRP segment, sales to key markets and the segment’s product mix remained steady. For standard stainless sheet products, which are about 20% of segment sales, declines in raw material prices in the second quarter 2017 negatively impacted product profit margins due to timing of raw material surcharges included in selling prices.”

  • ATI’s sales to the key global markets of aerospace and defense, oil & gas, automotive, medical and electrical energy represented 79% of ATI first half 2017 sales:
    • Sales to the aerospace and defense markets were $853 million and represented 49% of ATI sales: 27% commercial jet engine, 14% commercial airframe, 8% government aero/defense.
    • Sales to the oil & gas market were $191 million and represented 11% of ATI sales.
    • Sales to the automotive market were $145 million and represented 8% of ATI sales.
    • Sales to the medical market were $98 million and represented 6% of ATI sales.
    • Sales to the electrical energy market were $96 million and represented 5% of ATI sales.
  • Direct international sales were $697 million, or 40% of ATI’s first half 2017 sales.

“HPMC segment sales increased 3% to $526 million, compared to the first quarter 2017. Segment operating profit improved by more than one-third, to $68 million, or 13% of sales,” Harshman continued. “Sales to the aerospace and defense market increased 5% compared to the first quarter 2017 and represented 76% of segment sales: 45% commercial jet engine, 18% commercial airframe and 13% government aero/defense. Our second quarter 2017 HPMC segment operating profit at $68 million was more than this segment’s operating profit in the first half of 2016. HPMC segment operating profit reflects a richer product mix, higher volumes, and cost structure improvements. Segment results include $2 million of start-up costs for Bakers Powder Operations, our new nickel-based powder alloys facility in North Carolina, as we continued our commercial qualification process.


The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, July 25, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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