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ATI Announces Second Quarter 2018 Results
Second Quarter 2018 Results
were $1.01 billion, 15% higher than Q2 2017 and 3% higher than Q1 2018
- High Performance Materials & Components sales of $592 million, up 12% versus Q2 2017 and 6% higher than Q1 2018
- Flat Rolled Products sales of $418 million, up 18% versus Q2 2017 and even with Q1 2018
segment operating profit was $124 million, or 12.3% of sales
segment operating profit was $97.9 million, or 16.5% of sales
- Q2 continued strong aero-engine market sales trend
- FRP segment operating profit was $26.1 million, or 6.3% of sales
- HPMC segment operating profit was $97.9 million, or 16.5% of sales
- Net income attributable to ATI was $72.8 million, or $0.52 per share
PITTSBURGH--(BUSINESS WIRE)--July 24, 2018--Allegheny Technologies Incorporated (NYSE: ATI) reported second quarter 2018 results, with sales of $1.01 billion and net income attributable to ATI of $72.8 million, or $0.52 per share, a $0.10 per share sequential improvement compared to the first quarter 2018 and a $0.20 per share increase compared to adjusted first quarter 2018 results of $0.32 per share, which excludes the Q1 stainless sheet joint venture gain. Compared to the prior year quarter, ATI sales were 15% higher and earnings per share of $0.52 was more than five times the Q2 2017 results of $0.09 per share.
“Results in our High Performance Materials and Components (HPMC) segment improved at a faster pace than expected,” said Rich Harshman, Chairman, President and Chief Executive Officer. “Continued strong sales of next-generation jet engine products, which at $146 million for the second quarter 2018 were up 39% year-over-year, drove HPMC segment operating profit margin to 16.5% of sales. These results demonstrate the power of our next-generation product mix, as these materials, parts, and components represented 49% of total second quarter HPMC jet engine product sales.
“Our Flat Rolled Products (FRP) business had a solid quarter, delivering $26.1 million in segment operating profit, or 6.3% of sales, a significant improvement both sequentially and year-over-year, demonstrating the benefits of our actions to achieve sustainable profitability. FRP segment operating profit benefited from improved market demand and the absence of Q1 2018 headwinds, including a better matching of raw material costs and surcharges. We continue to see improvements in FRP segment profitability through a shift to differentiated products and increased asset utilization, including the ramp-up of the A&T Stainless joint venture.”
ATI’s sales to key global markets represented 81% of total ATI sales
for the first half of 2018:
- Sales to the aerospace and defense markets were $944 million and represented 48% of ATI sales: 28% commercial jet engine, 13% commercial airframe, 7% government aero/defense.
- Sales to the oil & gas market were $285 million and represented 14% of ATI sales.
- Sales to the automotive market were $160 million and represented 8% of ATI sales.
- Sales to the electrical energy market were $120 million and represented 6% of ATI sales.
- Sales to the medical market were $95 million and represented 5% of ATI sales.
- International sales represented 43% of ATI’s first half 2018 sales.
The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, July 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.
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