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ATI Announces Third Quarter 2018 Results
Third Quarter 2018 Results
were $1.02 billion, 17% higher than Q3 2017 and in line with Q2 2018
- High Performance Materials & Components sales of $586 million, up 14% versus Q3 2017, down 1% versus Q2 2018
- Flat Rolled Products sales of $435 million, up 22% versus Q3 2017 and up 4% sequentially
segment operating profit was $106 million, or 10.3% of sales
segment operating profit was $76 million, or 13.0% of sales
- Aerospace and defense market strength continues
- FRP segment operating profit was $30 million, or 6.8% of sales
- HPMC segment operating profit was $76 million, or 13.0% of sales
- Net income attributable to ATI was $50.5 million, or $0.37 per share
PITTSBURGH--(BUSINESS WIRE)--October 23, 2018--Allegheny Technologies Incorporated (NYSE: ATI) reported third quarter 2018 results, with sales of $1.02 billion and net income attributable to ATI of $50.5 million, or $0.37 per share. Prior year results were sales of $869 million and a net loss attributable to ATI of $121.2 million, or $(1.12) per share, which included a $113.6 million, or $(1.05) per share, goodwill impairment charge related to ATI’s titanium investment castings business, which was excluded from business segment results. Third quarter 2017 results excluding the goodwill charge were a net loss attributable to ATI of $7.6 million, or $(0.07) per share.
“ATI’s third quarter 2018 operating performance was solid and in line with our expectations, with business segment operating profit nearly doubling compared to the prior year period. These results built on strong first-half 2018 financial results,” said Rich Harshman, Chairman, President and Chief Executive Officer. “We expect ongoing year-over-year operating profit growth as we continue to focus on producing and delivering highly differentiated products while accelerating development of advanced production capabilities, such as additive manufacturing. Our strategy to generate sustainable profitable growth by leveraging ATI’s specialty materials capabilities to provide customers with technically advanced parts and components is on track,” Harshman concluded.
“The aerospace and defense markets continue to drive results in our High Performance Materials and Components, or HPMC, segment,” said Bob Wetherbee, President and CEO Designate, and current EVP, Flat Rolled Products Group. “Third quarter HPMC segment sales and operating profit increased significantly versus the prior year but declined sequentially due to normal business seasonality and a previously identified nickel powder billet supply issue. Within our aerospace market results, commercial airframe product sales were 21% higher compared to the prior year period. Sales of next-generation jet engine products remained strong, increasing by 42% versus the prior year and represented 48% of total third quarter 2018 HPMC jet engine product sales. Our customers continue to benefit from our on-time execution and relentless product innovation.
The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, October 23, 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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