ATI reports second quarter earnings

ATI reports second quarter earnings

Pittsburgh steelmaker Allegheny Technologies Incorporated reported second quarter 2005 record sales of $904 million, due in large to robust demand from the commercial aerospace market. Net sales were $904.2 million for the second quarter 2005, an increase over the $646.5 million seen for the same period in 2004. Year-to-date net sales were reported as $1.8 billion, a 33 percent increase from same period in 2004. Net income for the second quarter was reported as $91.7 million, or $0.91 per diluted share, compared to $26.6 million, or $0.31 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $152.7 million while year-to-date 2004 net income was a $23.8 million loss. ATI chairman, president, and CEO Patrick Hassey said, "Second quarter results are another milestone that demonstrates the earnings potential of the transformed Allegheny Technologies. ATI revenue and operating profit reached all-time highs. Cash flow from operations was nearly $65 million even after further investments of over $100 million in managed working capital." Commenting on Northwest’s outlook, Mr. Hassey said, "We believe our second half 2005 earnings performance will be similar to the first half 2005 earnings performance." Allegheny Technologies Incorporated is one of the largest and most diversified specialty materials producers in the world with revenues of approximately $2.7 billion in 2004. Its products include nickel-based alloys and superalloys, titanium and titanium alloys, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, silicon and tool steels, and forgings and castings.