|Allegheny Technologies Incorporated||Investor Contact:||Media Contact:|
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ATI Announces Second Quarter 2020 Results
•Sales of $770 million
•Business segment operating profit of $27.3 million, or 3.5% of sales
•Net loss attributable to ATI of $422.6 million, or $(3.34) per share, includes $420 million in after-tax charges for goodwill impairment, debt extinguishment, restructuring and income tax valuation allowances
◦Adjusted net loss of $2.3 million, or $(0.02) per share
◦Adjusted EBITDA of $57.6 million, or 7.5% of sales
•$539 million of cash at June 30, $1 billion total liquidity
•Increased 2020 cost savings targets by $25 million vs. previous estimates
PITTSBURGH--(BUSINESS WIRE)--August 4, 2020--Allegheny Technologies Incorporated (NYSE: ATI) reported second quarter 2020 results, with sales of $770 million and a net loss attributable to ATI of $422.6 million, or $(3.34) per share. Second quarter 2020 results include $328 million of pretax charges:
•$287 million for goodwill impairment,
•$22 million for debt extinguishment on $203 million, or 71%, of the 2022 convertible notes' principal balance,
•$17 million in restructuring charges for hourly and salary employee severance, and
•$2 million of severance charges at our A&T Stainless joint venture.
Second quarter 2020 results also include a $99 million deferred tax asset valuation allowance. Adjusted net loss attributable to ATI was $2.3 million, or $(0.02) per share excluding these items. Adjusted EBITDA was $57.6 million, or 7.5% of sales for the second quarter 2020.
For the second quarter 2019, sales were $1.1 billion and net income attributable to ATI was $75.1 million, or $0.54 per share. Results in 2019 included $40 million of sales and minimal segment operating profit related to divested businesses. On an adjusted basis, second quarter 2019 net income attributable to ATI was $55.0 million, or $0.40 per share. Adjusted EBITDA for the prior year quarter was $149.1 million, or 13.8% of sales.
“Despite steep demand declines in a majority of our markets, ATI delivered adjusted second quarter results that exceeded initial expectations," said Robert S. Wetherbee, President and CEO. "Our team acted
The following information was filed by Allegheny Technologies Inc (ATI) on Tuesday, August 4, 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.