•Sales of $598 million reflecting challenged market conditions in commercial aerospace
•Net loss attributable to ATI of $50.1 million, or $(0.40) per share
◦Adjusted net loss of $47.8 million, or $(0.38) per share, excluding restructuring
◦Adjusted EBITDA of $16.6 million, or 2.8% of sales
•$572 million of cash at September 30, approximately $950 million of total liquidity
•Reduced managed working capital by $115 million
PITTSBURGH, PA--(BUSINESS WIRE)--October 29, 2020--Allegheny Technologies Incorporated (NYSE: ATI) reported third quarter 2020 results, with sales of $598 million and a net loss attributable to ATI of $50.1 million, or $(0.40) per share. Third quarter 2020 results include $2.3 million of restructuring charges for additional employee severance actions. On an adjusted basis, third quarter 2020 net loss attributable to ATI was $47.8 million, or ($0.38) per share. Adjusted EBITDA was $16.6 million, or 2.8% of sales for the third quarter 2020.
For the third quarter 2019, sales were $1.0 billion and net income attributable to ATI was $111.0 million, or $0.78 per share. Results in 2019 included $68.2 million of pretax gains on sales of non-core assets. On an adjusted basis, third quarter 2019 net income attributable to ATI was $44.9 million, or $0.33 per share. Adjusted EBITDA for the prior year quarter was $180.2 million, or 17.7% of sales.
“By proactively focusing on reducing costs, we accelerated savings, limited decremental margins and drove third quarter results that significantly exceeded our previous guidance,” said Robert S. Wetherbee, ATI President and Chief Executive Officer. “We've continued to prioritize the safety of our people as they focus on delivering quality and value for our customers. We've improved the efficiency of our operations and working capital investment and maintained our strong financial position. Our substantial cash and liquidity provides increasing stability in challenging economic conditions and the capability to accelerate shareholder value creation over time.”
The following information was filed by Allegheny Technologies Inc (ATI) on Thursday, October 29, 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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Ticker: ATI CIK: 1018963 Form Type:10-Q Quarterly Report Accession Number: 0001628280-20-015070 Submitted to the SEC: Thu Oct 29 2020 12:42:41 PM EST Accepted by the SEC: Thu Oct 29 2020 Period: Wednesday, September 30, 2020 Industry: Steel Pipe And Tubes