Exceeds expectations with benefit from strong raw material price tailwinds
Ongoing modest recovery in jet engine production
•Sales of $693 million up 5% over Q4 2020
•Net loss attributable to ATI of $7.9 million, or $(0.06) per share
•Adjusted ATI EBITDA of $62.6 million, or 9.0% of sales
PITTSBURGH, PA--(PR Newswire)--April 29, 2021--Allegheny Technologies Incorporated (NYSE: ATI) reported first quarter 2021 results, with sales of $693 million and a net loss attributable to ATI of $7.9 million, or $(0.06) per share. Adjusted EBITDA was $62.6 million, or 9.0% of sales. Results improved sequentially due to higher operating levels and benefits from rising raw material prices. Sales in the fourth quarter 2020 were $658 million, and the net loss attributable to ATI was $1,121.0 million, or $(8.85) per share. Excluding restructuring and other charges, adjusted net loss attributable to ATI was $41.9 million, or $(0.33) per share, and adjusted EBITDA was $23.0 million, or 3.5% of sales for the fourth quarter 2020. Prior year first quarter results reflected pre-pandemic economic conditions, with sales of $956 million, net income attributable to ATI of $21.1 million, or $0.16 per share, and adjusted EBITDA of $99.1 million, or 10.4% of sales.
“Our first quarter financial results exceeded expectations, benefiting from the ongoing modest recovery in jet engine production, our aggressive 2020 cost cutting actions and a strong tailwind from nickel and other raw material prices," said Robert S. Wetherbee, President and CEO. "Despite our expected seasonal cash burn, our strong balance sheet and cash position ensure our ability to meet customer obligations and succeed in a challenging environment.”
“We remain focused and on-track with our strategic business transformation efforts within the Advanced Alloys & Solutions segment to exit production of low-margin standard stainless sheet products in 2021 while growing profitable specialty products revenues over time," said Wetherbee. "It's imperative that each of ATI's business units stands on its own and has a cost structure that enables it to sustainably generate returns in excess of our cost of capital."
The following information was filed by Allegheny Technologies Inc (ATI) on Thursday, April 29, 2021 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: 0001628280-21-008044 Submitted to the SEC: Thu Apr 29 2021 10:03:03 AM EST Accepted by the SEC: Thu Apr 29 2021 Period: Wednesday, March 31, 2021 Industry: Steel Pipe And Tubes