Allegheny Technologies Inc. (ATI) reported that its third-quarter net income attributable to ATI common stockholders was $1.4 million or $0.01 per share, compared to net income of $144.1 million or $1.45 per share in the year ago-quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were $697.6 million, compared to $1.39 billion in the prior year quarter. Nine analysts had consensus revenue estimate of $738.51 million for the quarter.
The company now expects to begin production at its premium-grade titanium sponge facility before the end of 2009. By the end of October, the company expects to close on the Crucible asset acquisition, which is an excellent entry point for ATI into advanced powder metal products. Allegheny now expects 2009 capital expenditures and asset acquisitions to be approximately $475 million, which includes the Crucible asset acquisition.
Allegheny expect fourth quarter 2009 earnings performance to be similar to that achieved in the third quarter 2009.
Looking ahead, the company expects its operating earnings performance to improve throughout 2010 as compared to 2009. The company believes 2010 to be a transition year to the next growth cycle in most of its markets, particularly the aerospace and global infrastructure markets.
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