Exhibit 99.1

ATI Announces First Quarter 2018 Results

First Quarter 2018 Results

  • Sales were $979 million, 8% higher than Q4 2017; increased 13% versus Q1 2017
    • High Performance Materials & Components sales of $561 million, increased 8% versus Q4 2017; up 10% year-over-year
    • Flat Rolled Products sales of $418 million, 7% higher sequentially; up 18% versus Q1 2017
  • Business segment operating profit was $96.4 million, or 9.8% of sales
    • HPMC segment operating profit was $85.5 million, or 15.2% of sales
      • Strong Q1 aero-engine market sales
    • FRP segment operating profit was $10.9 million, or 2.6% of sales
      • FRP results include $8 million of negative Q1 items
  • Net income attributable to ATI was $58.0 million, or $0.42 per share
    • Results include a $15.9 million pre-tax gain, or $0.10 per share, related to the A&T Stainless joint venture formation
    • Adjusted net income attributable to ATI of $43.3 million, or $0.32 per share, excluding the joint venture gain

PITTSBURGH--(BUSINESS WIRE)--April 24, 2018--Allegheny Technologies Incorporated (NYSE: ATI) reported first quarter 2018 results, with sales of $979 million and net income attributable to ATI of $58.0 million, or $0.42 per share. Adjusted first quarter 2018 net income attributable to ATI was $43.3 million, or $0.32 per share, excluding a $15.9 million pre-tax, 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, which was excluded from business segment results. ATI sales were 8% higher and adjusted net income was 25% higher compared to the fourth quarter 2017 adjusted results. Compared to the prior year quarter, ATI sales were 13% higher and adjusted earnings per share of $0.32 doubled the Q1 2017 results of $0.16 per share.

“Results in our High Performance Materials and Components (HPMC) segment were better than expected, particularly sales to aero-engine customers, with revenue from the commercial jet engine market growing 23% versus the prior year,” said Rich Harshman, Chairman, President and Chief Executive Officer. “Continued strong sales of next-generation jet engine products, which were up 65% year-over-year, drove HPMC segment operating profit margin to 15.2% of sales, marking its best quarterly performance in over 5 years. These results demonstrate the power of next-generation product mix, with these materials, parts, and components representing 48% of total first quarter HPMC jet engine product sales.

“Our Flat Rolled Products (FRP) business continued to make good progress in the first quarter towards our goal of sustainable profitability, generating approximately $11 million of segment operating profit, or 2.6% of sales. First quarter sales increased 18% versus the prior year, including an 80% increase in sales to the oil & gas market, which was primarily due to large international pipeline projects. Consistent with our prior guidance, first quarter 2018 FRP results were negatively impacted by $8 million, mostly due to required accounting changes on retirement benefit cost capitalization in inventory. FRP was also negatively impacted by lower foreign currency hedge gains compared to fourth quarter 2017. Expected negative impacts from lower ferrochrome surcharges were mostly offset by higher nickel surcharges experienced late in the quarter.”

The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, April 24, 2018 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.

View differences made from one quarter to another to evaluate Allegheny Technologies Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Allegheny Technologies Inc.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account