Allegheny Technologies Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013; Provides Capital Expenditures Guidance for the Year 2014
January 23, 2013 at 07:30 am EST
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Allegheny Technologies Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported sales of $1,101.1 million, income before income tax provision of $16.1 million, net income attributable to the company of $10.5 million or $0.10 diluted net income per share as compared to sales of $1,251.4 million, income before income tax provision of $49.9 million, net income attributable to the company of $31.7 million or $0.29 diluted net income per share for the same period a year ago. Segment operating profit was $95.3 million compared to $114.4 million a year ago. The fourth quarter 2012 was negatively impacted by headwinds resulting from uncertain global economic conditions.
For the year, the company reported sales of $5,031.5 million, income before income tax provision of $244.0 million, net income attributable to the company of $158.4 million or $1.43 diluted net income per share as compared to sales of $5,183.0 million, income before income tax provision of $339.4 million, net income attributable to the company of $214.3 million or $1.97 diluted net income per share for the same period a year ago. Segment operating profit was $537.9 million compared to $612.0 million a year ago. Cash flow provided by operating activities was $427.5 million compared to $296.8 million a year ago. Purchase of property, plant and equipment was $382.0 million compared to $278.2 million a year ago. Net debt was $1,175.5 million compared to $1,128.7 million a year ago.
The company provided earnings guidance for the year 2013. For the year 2013, the company expects moderate growth in revenue and improvement in segment operating profit in 2013, compared to 2012. The company expects 2013 capital expenditures to be approximately $550 million, which includes approximately $450 million relating to the HRPF project. Depreciation expense in 2013 is forecasted to be approximately $195 million. The tax rate should get back to the more normalized basis of around 35%. Depreciation expense in 2013 is expected to be approximately $195 million.
The company now expects capital requirements are going to be significantly lower than they are in 2013.
ATI Inc. is an integrated specialty materials and components company. The Company operates through two segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). Its HPMC segment produces a range of high-performance materials, including titanium and titanium-based alloys, nickel- and cobalt-based and other specialty materials, in long product forms such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, components, and machined parts. Its HPMC segment products are used in aerospace and defense, medical, and energy markets. The Companyâs AA&S segment produces zirconium and related alloys, including hafnium and niobium, nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in a variety of forms including plate, sheet and Precision Rolled Strip (PRS) products. Its AA&S products are used in energy, aerospace and defense, automotive, and electronics markets.
Allegheny Technologies Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013; Provides Capital Expenditures Guidance for the Year 2014