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Allegheny Technologies Inc.
July 25, 2007: Specialty
metal producer Allegheny Technologies Inc. (ATI) provided an
insight into the aerospace and defense supply chain, as the
company released its Q2 report. In the past 6 months the ATI's
earnings increased over 60%, to $404.3 million on sales of 2.84
billion. “Over 63% of [our] year-to-date sales were generated
by our key growth markets namely aerospace and defense, chemical
process industry, oil and gas, and electrical energy. These
key markets remain strong." Said Patrick L. Hassey, Chairman,
President and Chief Executive Officer. “We think we have
good visibility into the demand from the aerospace market, and
we believe ATI is very well positioned to benefit from exciting
growth prospects in this market for many years. Allegheny recorded
total sales of $1.47 billion in the second quarter of 2007,
reflecting an increase of 21.5% over last year's Q2.
more...
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This growth was translated into even higher growth rate, reaching
43% or 206.5 million in net income, reflecting $2.00 earning
per share. Hassey expects ATI’s overall performance in
the second half 2007 to be at least as good as that achieved
in the first half 2007, with fourth quarter earnings stronger
than third quarter earnings. Yet, he cautioned that actual performance
could be impacted by continued volatility in raw material costs.
April 25, 2007: Reflecting
the global surge in aerospace and defense markets, specialty
metal supplier Allegheny Technologies Incorporated (NYSE:ATI)
reported an impressive growth in its operations. Net income
for the first quarter 2007 increased 86% to $197.8 million over
Q1/06 ($1.92 per share) on sales of $1.37 billion. “In
our high performance metals segment, most end markets were strong
in the first quarter" said L. Patrick Hassey, Chairman,
President and Chief Executive Officer. Sales of the high performance
metals segment were over $477 million, with operating profit
over 35% of sales. This segment sells titanium alloys, nickel-based
alloys and super-alloys, and vacuum-melted specialty alloys
to aerospace and defense manufacturers.
Allegheny is positioning itself to better compete with the
import of imported low-cost metals by specializing in high value
special metals. "First quarter 2007 shipments of our titanium
mill products to airframe customers far exceeded our original
expectations" said Hassey. Allegheny is transforming its
operation from traditional commodity flat-rolled products to
a high-value specialty metals. First quarter 2007 segment operating
profit represents record 20.4% of sales due to strong shipments
of specialty and titanium sheet, specialty plate, and grain-oriented
silicon electrical steel products. These raw materials are also
consumed by aerospace and defense manufacturers.
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