Allegheny Technologies Raises 4th Quarter Expectations
12/18/2009 - Allegheny Technologies Inc. is raising its earnings expectations for the fourth quarter 2009 earnings to the range of $0.20 to $0.25 per share.
Allegheny Technologies Inc. is raising its earnings expectations for the fourth quarter 2009 earnings to the range of $0.20 to $0.25 per share. The company had previously said that it expected fourth quarter 2009 earnings to be similar to the $0.01 per share earned in the third quarter 2009.
“ATI will be profitable in 2009,” said L. Patrick Hassey, Chairman, President and CEO. “Each of our three segments is seeing some improvement.
“Fourth quarter 2009 performance is benefiting from better volume, pricing, and mix for certain products, lower raw materials costs, and our improved cost structure,” added Hassey. “In addition, we have been growing our position with key customers, and we are expanding our product, market, and global diversification.”
ATI plans to release fourth quarter and full-year 2009 earnings on January 27, 2010, before the market opens.
Allegheny Technologies is one of the largest and most diversified specialty metals producers in the world with revenues of $5.3 billion during 2008. The company’s major markets are aerospace and defense, chemical process industry/oil and gas, electrical energy, medical, automotive, food equipment and appliance, machine and cutting tools, and construction and mining. Products include titanium and titanium alloys, nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings.
