ati.jpg NEWS RELEASE


Allegheny Technologies Incorporated
Investor Contact:
Media Contact:
Corporate Headquarters
Scott A. Minder
Natalie Gillespie
1000 Six PPG Place
412-395-2720
412-394-2850
Pittsburgh, PA 15222-5479 U.S.A.
scott.minder@atimetals.com
natalie.gillespie@atimetals.com
www.ATImetals.com
 
 

ATI Announces First Quarter 2020 Results

Sales of $956 million, down 5% compared to Q1 2019, in line with PY excluding divestitures
Business segment operating profit of $81.2 million, or 8.5% of sales, up 32% vs. PY
$639 million of cash on hand; managed working capital % sales in line with PY
Net income attributable to ATI of $21.1 million, or $0.16 per share
Adjusted net income of $26.6 million, or $0.20 per share
Adjusted EBITDA of $101.6 million, or 10.6% of sales
Impact of COVID-19 on 2020 uncertain; Full Year 2020 guidance withdrawn

PITTSBURGH--(BUSINESS WIRE)--May 5, 2020--Allegheny Technologies Incorporated (NYSE: ATI) reported first quarter 2020 results, with sales of $956 million and net income attributable to ATI of $21.1 million, or $0.16 per share. First quarter 2020 results include an $8 million pretax restructuring charge for an early retirement incentive program to streamline ATI’s salaried workforce. Adjusted net income attributable to ATI was $26.6 million, or $0.20 per share excluding this item. Adjusted EBITDA was $101.6 million, or 10.6% of sales for the first quarter 2020.
For the first quarter 2019, sales were $1.0 billion and net income attributable to ATI was $15.0 million, or $0.12 per share. Results in 2019 included $48 million of sales and minimal segment operating profit related to divested businesses. Results in 2019 also included a low 5% tax rate due to the net valuation allowance position in the U.S. Adjusted Q1 2019 results using the first quarter 2020's 31% tax rate were net income attributable to ATI of $10.4 million, or $0.08 per share. Adjusted EBITDA for the prior year quarter was $80.6 million, or 8.0% of sales.
“We achieved solid first quarter results despite a significant deterioration in market conditions late in the quarter. This performance, along with our solid cash and liquidity positions, provide a strong foundation to respond to the economic challenges created by the COVID-19 pandemic. Our focus on safety, coupled with our team’s extraordinary support for each other’s health and welfare, have allowed us to maintain on-time delivery of the mission-critical parts and materials our customers need,” said Robert S. Wetherbee, President and CEO. “Thanks to close collaboration with our customers, we are adjusting our production to match the rapidly changing end-market demand requirements.”
At the start of 2020, ATI realigned its business segments to streamline operations and unlock synergies, proactively implementing workforce reduction initiatives in the fourth quarter 2019 and again in the first

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The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, May 5, 2020 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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