Exhibit 99.1


ATI Announces Second Quarter 2019 Results

Increased Earnings Driven by Strong Execution; Non-Core Asset Sales Increase Free Cash Flow

Second Quarter 2019 Highlights

  • Sales of $1.08 billion, 7% above Q2 2018
    • High Performance Materials & Components (HPMC) sales of $642 million, increased 9% versus Q2 2018
    • Flat Rolled Products (FRP) sales of $438 million, up 5% versus Q2 2018
  • Business segment operating profit of $114.5 million, or 10.6% of sales
    • HPMC segment operating profit of $98.9 million, or 15.4% of sales
    • FRP segment operating profit of $15.6 million, or 3.6% of sales
  • Sales of non-core assets generated over $60 million in cash
  • Net income attributable to ATI of $75.1 million, or $0.54 per share
    • Excluding non-core asset sales, net income of $55.0 million, or $0.40 per share

PITTSBURGH--(BUSINESS WIRE)--July 23, 2019--Allegheny Technologies Incorporated (NYSE: ATI) reported second quarter 2019 results, with sales of $1.08 billion and net income attributable to ATI of $75.1 million, or $0.54 per share. Second quarter 2019 results include $21.6 million in net pretax gains on previously-announced sales of non-core assets comprised of a $29.3 million gain on the first of two transactions to monetize oil & gas rights and a $7.7 million loss on sale of the industrial forgings business. Excluding these non-core items net-of-tax, second quarter 2019 net income attributable to ATI was $55.0 million, or $0.40 per share. This compares to ATI’s second quarter 2018 sales of $1.01 billion and net income attributable to ATI of $72.8 million, or $0.52 per share.

“In the second quarter, we demonstrated our ability to successfully manage near-term headwinds, as well as make progress on strengthening our balance sheet,” said Robert S. Wetherbee, ATI President and Chief Executive Officer. “Both of our business segments made important strides in the quarter to resume our trajectory of profitable growth. Non-core asset sales, including divesting a smaller business that did not align with our strategic priorities, sharpens our focus on differentiated products requiring our materials science capabilities and advanced process technologies.”

HPMC sales increased 9% in the second quarter 2019 compared to the prior year primarily due to a 17% increase in sales to the aerospace & defense markets. Next-generation jet engine products sales increased by 26% and represented 59% of total second quarter 2019 HPMC jet engine product sales. Sales to the commercial airframe market were 40% higher driven by increasing emergent demand from a large OEM customer, and government aerospace & defense sales were 32% higher across a broad range of programs. HPMC operating profit slightly increased compared to the prior year to $98.9 million and represented 15.4% of sales. “HPMC segment results showed strong topline growth as we continued to meet our aerospace ramp commitments. Segment operating profit improved as our sales on major commercial aerospace programs continue to grow,” said Mr. Wetherbee.


The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, July 23, 2019 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.

Continue

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.

Continue

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.

Continue

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

Continue

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

Continue

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

Continue

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

Continue

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

Continue

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

Continue

Log in with your credentials

or    

Forgot your details?

Create Account