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ATI Announces Third Quarter 2017 Results
were $869 million
- High Performance Materials & Components sales of $513 million, increased 11% versus prior year, down 3% versus Q2 2017
- Flat Rolled Products sales of $356 million, up 15% versus prior year, consistent with Q2 2017
segment operating profit was $54.4 million, or 6% of sales
- HPMC segment operating profit was $61.7 million, or 12% of sales
segment operating loss was $7.3 million, or 2% of sales
- FRP results adversely affected by out-of-phase raw material surcharges
loss attributable to ATI was $121.2 million, or $(1.12) per share
- Includes $113.6 million, or $(1.05) per share, of a previously-announced goodwill impairment charge related to the Cast Products business
- Excluding the goodwill impairment charge, net loss was $7.6 million, or $(0.07) per share
PITTSBURGH--(BUSINESS WIRE)--October 24, 2017--Allegheny Technologies Incorporated (NYSE: ATI) reported third quarter 2017 sales of $869 million and a net loss attributable to ATI of $121.2 million, or $(1.12) per share. ATI’s third quarter 2017 results include a previously-announced non-cash goodwill impairment charge of $113.6 million, net of tax, or $(1.05) per share, for ATI’s cast products business, which was excluded from business segment results. Excluding this charge, the net loss attributable to ATI was $7.6 million, or $(0.07) per share. Business segment operating profit, which excludes the goodwill impairment charge, was $54.4 million, or 6.3% of sales.
“The commercial aerospace ramp remains on track. Third quarter sales of our jet engine products within our High Performance Materials & Components (HPMC) segment grew 13% year over year, including a 25% increase in forged products. Strong sales of next-generation jet engine products, which were 39% of HPMC segment jet engine sales, drove third quarter segment operating profit margin to 12% of sales, nearly 200 basis points higher than the prior year,” said Rich Harshman, Chairman, President and Chief Executive Officer. “As expected, our Flat Rolled Products (FRP) segment incurred an operating loss in the third quarter, which was $7 million, due primarily to out-of-phase raw material surcharges.”
ATI’s sales to the key global markets of aerospace and defense, oil &
gas, automotive, medical and electrical energy represented 79% of ATI
sales for the nine months ended September 30, 2017:
- Sales to the aerospace and defense markets were $1.28 billion and represented 49% of ATI sales: 27% commercial jet engine, 14% commercial airframe, 8% government aero/defense.
- Sales to the oil & gas market were $290 million and represented 11% of ATI sales.
- Sales to the automotive market were $206 million and represented 8% of ATI sales.
- Sales to the electrical energy market were $144 million and represented 6% of ATI sales.
- Sales to the medical market were $143 million and represented 5% of ATI sales.
- Direct international sales represented 41% of ATI’s year-to-date 2017 sales.
The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, October 24, 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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