Please wait while we load the requested 10-Q report or click the link below:
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 this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Allegheny Technologies Inc.