Allegheny Technologies Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year 2012
January 25, 2012 at 06:18 pm IST
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Allegheny Technologies Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported 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 as compared to sales of $1,037.6 million, income before income tax provision of $22.6 million, net income attributable to the company of $15.1 million or $0.15 diluted net income per share for the same period a year ago. Segment operating profit was $114.4 million compared to $88.0 million a year ago. Fourth quarter 2011 results were impacted by restructuring and Ladish acquisition expenses, which reduced earnings by $2.8 million, or $0.02 per share. Fourth quarter 2011 results were impacted by significantly lower demand and historically low base prices for the standard stainless products. Cash flow provided by operations was $189.3 million in the fourth quarter 2011.
For the year 2011, the company reported 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 as compared to sales of $4,047.8 million, income before income tax provision of $125.7 million, net income attributable to the company of $70.7 million or $0.72 diluted net income per share for the same period a year ago. Segment operating profit was $612.0 million compared to $356.5 million a year ago. Cash flow provided by operating activities was $296.8 million compared to $27.1 million a year ago. Purchase of property, plant and equipment was $278.2 million compared to $219.1 million a year ago. Net debt was $1,128.7 million compared to $631.0 million a year ago.
The company provided earnings guidance for the year 2012. For the year 2012, the company expects revenue growth of at least 10% in 2012, compared to 2011, and expect segment operating profit in the range of 13% to 14% of sales. The company expects 2012 capital expenditures to be approximately $485 million. Depreciation expense in 2012 is expected to be $194 million.
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. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year 2012