Wednesday, Allegheny Technologies Inc. (ATI), a global manufacturer and marketer of specialty metals, reported a decline in second quarter profit. However, earnings per share came in above Street estimate. The company also provided full-year earnings guidance, which is below the analysts' consensus estimate.
The Pittsburgh, Pennsylvania-based company posted second quarter net income of $168.9 million, or $1.66 per share, down from $206.5 million, or $2.00 per share, in the prior-year quarter. Earnings topped the average estimate of eleven analysts polled by First Call/Thomson Financial of $1.54 per share. Earnings for the latest quarter included a favorable one-time net tax benefit of $11.2 million, or $0.11 per share, the company said.
Quarterly sales declined to $1.46 billion from $1.47 billion a year ago, but came in above the Street estimate of $1.41 billion.
Compared to the second quarter 2007, sales increased 4% in the Flat-Rolled Products segment and 12% in the Engineered Products segment, but declined 10% in the High Performance Metals segment.
For the first six months, net income was $310.9 million, or $3.06 per share, lower than $404.3 million, or $3.93 per share, reported in the year-ago period.
Year-to-date, sales decreased to $2.80 billion from $2.84 billion in the corresponding period last year.
Looking ahead, the company said it expects the normal third quarter seasonal slowdown, and estimates full-year 2008 earnings in the range of $5.80 to $6.10 per share, down from Wall Street analysts' consensus estimate of $6.42 per share.
ATI closed Tuesday's trading at $54.62, down $0.53 on a volume of nearly $2.22 million shares.
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