- Sales were $880 million, up 2%
compared to Q1 2017
- High Performance Materials &
Components sales increased 3%, to $526 million
- Flat Rolled Products sales steady at
$354 million
- Business segment operating profit
was $71 million, or 8% of sales
- HPMC segment operating profit
increased by 34% to $68 million, or 13% of sales
- Includes $2 million of start-up
costs for Bakers Powder Operations
- FRP segment operating profit was $3
million, or 1% of sales
- FRP results adversely affected by
falling raw material surcharges
- Net income attributable to ATI was
$10 million, or $0.09 per share
Allegheny Technologies Incorporated (NYSE: ATI) reported second
quarter 2017 sales of $880 million and net income attributable to
ATI of $10 million, or $0.09 per share. Business segment operating
profit was $71 million, or 8.1% of sales.
“Sales of our next-generation products reached 40% of jet engine
sales in our High Performance Materials & Component (HPMC)
segment in the quarter. HPMC operating profit was nearly 13% of
sales,” said Rich Harshman, Chairman, President and Chief Executive
Officer.
“Our Flat Rolled Products (FRP) segment’s operating profit was
$3 million during a period of low and falling raw materials
prices.
“We remained on track in the HPMC segment in the first half
2017. HPMC jet engine sales increased 11%, highlighted by a 27%
increase of forged products sales in the first half 2017, compared
to the first half 2016. This is consistent with our previous
comments that specialty materials mill product sales lead the
next-generation ramp, as they did in 2016, followed by increased
sales of our forged products.
“In our FRP segment, sales to key markets and the segment’s
product mix remained steady. For standard stainless sheet products,
which are about 20% of segment sales, declines in raw material
prices in the second quarter 2017 negatively impacted product
profit margins due to timing of raw material surcharges included in
selling prices.”
- ATI’s sales to the key global markets
of aerospace and defense, oil & gas, automotive, medical and
electrical energy represented 79% of ATI first half 2017 sales:
- Sales to the aerospace and defense
markets were $853 million and represented 49% of ATI sales: 27%
commercial jet engine, 14% commercial airframe, 8% government
aero/defense.
- Sales to the oil & gas market were
$191 million and represented 11% of ATI sales.
- Sales to the automotive market were
$145 million and represented 8% of ATI sales.
- Sales to the medical market were $98
million and represented 6% of ATI sales.
- Sales to the electrical energy market
were $96 million and represented 5% of ATI sales.
- Direct international sales were $697
million, or 40% of ATI’s first half 2017 sales.
“HPMC segment sales increased 3% to $526 million, compared to
the first quarter 2017. Segment operating profit improved by more
than one-third, to $68 million, or 13% of sales,” Harshman
continued. “Sales to the aerospace and defense market increased 5%
compared to the first quarter 2017 and represented 76% of segment
sales: 45% commercial jet engine, 18% commercial airframe and 13%
government aero/defense. Our second quarter 2017 HPMC segment
operating profit at $68 million was more than this segment’s
operating profit in the first half of 2016. HPMC segment operating
profit reflects a richer product mix, higher volumes, and cost
structure improvements. Segment results include $2 million of
start-up costs for Bakers Powder Operations, our new nickel-based
powder alloys facility in North Carolina, as we continued our
commercial qualification process.
“Second quarter 2017 FRP segment sales were essentially
unchanged from the first quarter 2017 at $354 million. Demand was
consistent with the first quarter across our major end markets. FRP
segment operating profit was $3 million, or 1% of segment sales, as
falling raw material prices for ferrochrome and nickel resulted in
an out-of-phase surcharge condition, where higher cost material is
sold at lower, surcharge-based selling prices based on the timing
of the manufacturing cycle.
“In June 2017, we extended the duration of our domestic
Asset-Based Lending (ABL) credit facility, including the $100
million term loan portion, to February 2022. At June 30, 2017, cash
on hand was $155 million and available additional liquidity under
our ABL was approximately $250 million, with $60 million borrowed
under the revolving credit portion. We generated $25 million of
cash flow from operations in the second quarter 2017, even with $51
million invested in additional managed working capital in the
quarter as we ramp to higher production levels to support business
growth. We continue to estimate that 2017 capital expenditures will
be $125 million, with $55 million expended in the first half of
this year.”
Strategy and Outlook
“We expect our second half 2017 HPMC segment results to sustain
strong performance in commercial aerospace and to continue a
low-double-digit operating profit level as a percentage of sales,
noting that quarterly results during the legacy to next-generation
jet engine transition could be uneven due to the timing of customer
demand pulls and product mix,” Harshman said. “We continue to
enhance ATI’s leading position in next-generation jet engines as
demonstrated in our recent announcements about our JV with GE
Aviation and our long-term agreement with Pratt & Whitney for
powder and forgings. Based on discussions at the Paris airshow and
our interactions with strategic customers, we remain confident
about increased demand for mill products, forgings, castings, and
components from increasing next-generation and legacy jet engine
build rates over the next several years.
“We expect the FRP segment to deliver an improved product mix
and to continue to realize operational improvements in the third
quarter. However, we expect the quarter to be negatively impacted
by the recent fall in raw material prices, especially ferrochrome
and nickel. This is expected to significantly reduce profit margins
as a result of out-of-phase raw material surcharges. This condition
is likely to continue until raw materials prices stabilize. As a
result, we expect the FRP segment to operate at a loss in the third
quarter 2017. For the full year 2017, we continue to expect that
the FRP segment will be modestly profitable.
“Looking beyond 2017, we will be relentless in our continuing
focus on enhancing ATI’s technology leadership in differentiated
specialty materials; generating healthy cash flow from operations;
improving our competitive cost position; and strengthening our
balance sheet. We continue to expect capital expenditures to
average no more than $100 million annually for the next several
years.”
Second Quarter 2017 Financial Results
- Sales for the second quarter
2017 were $880.2 million, a 2% increase compared to the first
quarter 2017 and a 9% increase compared to the second quarter 2016.
HPMC sales reflect stronger demand for nickel-based and specialty
alloys mill products, and forged components. FRP sales compared to
the prior year period include stronger shipments of standard
products due to higher operating levels following a new labor
agreement.
- Net income attributable to ATI
for the second quarter 2017 was $10.1 million, or $0.09 per share,
compared to $17.5 million, or $0.16 per share, in the first quarter
2017 and a net loss of $18.8 million, or $(0.18) per share in the
second quarter 2016. Results in all periods include impacts from
income taxes which differ from a standard 35% tax rate, primarily
related to impacts of income tax valuation allowances.
- Cash on hand at June 30, 2017
was $154.6 million, with $24.7 million provided by operations in
the second quarter 2017. For the first six months of 2017, cash
used in operations was $85.5 million, including a $135.0 million
contribution to the ATI Pension Plan. Cash used in investing
activities was $52.0 million, with $55.3 million for capital
expenditures partially offset by cash proceeds from sales of
assets. Cash provided by financing activities was $62.5 million,
primarily from $60.0 million of borrowings under the revolving
credit portion of the ABL.
High Performance Materials & Components Segment
Market Conditions
- Aerospace and defense sales were 5%
higher in the second quarter 2017, increasing $17.6 million
compared to the first quarter 2017 and representing 76% of segment
sales. Compared to the first quarter, commercial jet engine sales
were 9% higher, while commercial airframe sales declined 11% based
on the timing of orders. Sales to the electrical energy market were
down 18% as weak market conditions continued. Sales to other key
end markets were slightly lower. Sales of our nickel-based and
specialty alloys were 7% higher, sales of precision forgings and
castings increased 8%, and sales of zirconium and related alloys
were 1% higher, all compared to the first quarter 2017. Sales of
titanium and titanium-based alloys were 9% lower, primarily for
airframe applications. Direct international sales represented over
48% of total segment sales for second quarter 2017.
Second quarter 2017 compared to second quarter 2016
- Sales were $526.4 million, a 6%
increase compared to the second quarter 2016, primarily as a result
of higher sales of nickel-based and specialty stainless alloys, and
forged and cast components. Sales to the commercial aerospace
market, which represented 63% of second quarter 2017 sales, were 7%
higher than the second quarter 2016, with strong growth in the
commercial jet engine market partially offset by lower airframe
sales. Sales to the oil & gas market improved for the second
consecutive quarter, increasing over 57% from prior year levels.
Sales to the electrical energy market decreased 33%.
- Segment operating profit was $68.0
million, or 12.9% of sales, compared to $38.8 million, or 7.8% of
sales for the second quarter 2016. The 75% improvement in HPMC
segment operating profit reflects higher productivity from
increasing aerospace and defense sales, an improved product mix of
next-generation nickel alloys and forgings for the aero engine
market, and the benefits of the 2016 titanium operations
restructuring activities, including the Rowley, UT titanium sponge
operations idling.
Flat Rolled Products Segment
Market Conditions
- Market conditions in the second quarter
2017 were slightly improved in the oil & gas market, stable in
aerospace and defense, but weaker in automotive and consumer
durables. Demand levels for both high-value products and commodity
standard stainless products were similar to the first quarter 2017.
Sales of high-value products increased 1% and sales of standard
grade stainless sheet and plate products decreased 3%, both
compared to the first quarter 2017. FRP segment shipment
information is presented in the attached Selected Financial Data –
Mill Products table. Direct international sales represented 29% of
total segment sales for the second quarter 2017.
Second quarter 2017 compared to second quarter 2016
- Sales were $353.8 million, a 13%
increase compared to the prior year period, due to higher shipment
volume for standard stainless products, and higher selling prices
for most standard stainless products and high-value products. Prior
year results included effects from the work stoppage and the return
of USW-represented employees in March 2016.
- Segment operating profit was $2.9
million, or 0.8% of sales, compared to a second quarter 2016
segment operating loss of $31.8 million. Segment operating results
in the second quarter 2017 reflect improved profitability due to
higher operating levels and the benefits of cost reductions and
restructuring actions. Segment operating results in 2016 also
included $22.4 million of costs associated with the prior work
stoppage as operations returned to more normal activity
levels.
Closed Operations and Other Expenses
- Closed operations and other expenses in
the second quarter 2017 were $13.2 million, or $10.2 million higher
than the first quarter 2017, when the prior quarter benefitted from
certain non-routine items involving property tax adjustments,
changes to facility closure reserves, and non-operating royalty
income. Closed operations costs in fiscal year 2017 are expected to
be higher than in fiscal year 2016 due to costs associated with the
idled Rowley, UT, Midland, PA and Bagdad, PA facilities.
Income Taxes
- ATI continues to maintain income tax
valuation allowances on its U.S. Federal and state deferred tax
assets. Second quarter 2017 results include a $2.1 million net tax
benefit primarily related to the effects of amending tax returns
for prior periods in certain domestic jurisdictions.
Allegheny Technologies will conduct a conference call with
investors and analysts on Tuesday, July 25, 2017, at 8:30 a.m. ET
to discuss the financial results. The conference call will be
broadcast, and accompanying presentation slides will be available,
at ATImetals.com. To access the broadcast, click on “Conference
Call”. Replay of the conference call will be available on the
Allegheny Technologies website.
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Certain statements in this news release relate to future
events and expectations and, as such, constitute forward-looking
statements. Forward-looking statements, which may contain such
words as “anticipates,” “believes,” “estimates,” “expects,”
“would,” “should,” “will,” “will likely result,” “forecast,”
“outlook,” “projects,” and similar expressions, are based on
management’s current expectations and include known and unknown
risks, uncertainties and other factors, many of which we are unable
to predict or control. Our performance or achievements may differ
materially from those expressed or implied in any forward-looking
statements due to the following factors, among others: (a) material
adverse changes in economic or industry conditions generally,
including global supply and demand conditions and prices for our
specialty metals; (b) material adverse changes in the markets we
serve; (c) our inability to achieve the level of cost savings,
productivity improvements, synergies, growth or other benefits
anticipated by management from strategic investments and the
integration of acquired businesses; (d) volatility in the price and
availability of the raw materials that are critical to the
manufacture of our products; (e) declines in the value of our
defined benefit pension plan assets or unfavorable changes in laws
or regulations that govern pension plan funding; (f) labor
disputes or work stoppages; (g) equipment outages and (h) other
risk factors summarized in our Annual Report on Form 10-K for the
year ended December 31, 2016, and in other reports filed with the
Securities and Exchange Commission. We assume no duty to update our
forward-looking statements.
Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty
materials and complex components. With revenue of $3.3 billion for
the twelve month period ending June 30, 2017, our largest market is
aerospace & defense, particularly jet engines. We also have a
strong presence in the oil & gas, electrical energy, medical,
automotive, and other industrial markets. ATI is a market leader in
manufacturing differentiated specialty alloys and forgings that
require our unique manufacturing and precision machining
capabilities and our innovative new product development competence.
ATI produces nickel-based alloys and superalloys, titanium alloys,
specialty alloys, stainless steels, and zirconium and other related
alloys in many mill product forms. We also are a leader in
producing nickel-based alloy and titanium-based alloy powders for
use in next-generation jet engine forgings and 3D-printed products.
ATIMetals.com
Allegheny Technologies Incorporated and
Subsidiaries
Consolidated Statements of Operations (Unaudited, dollars in
millions, except per share amounts)
Three Months Ended Six Months
Ended June 30 March 31 June 30 June
30 June 30 2017 2017 2016
2017 2016 Sales $ 880.2
$ 865.9 $ 810.5 $ 1,746.1
$ 1,568.0 Cost of sales 767.9
753.1 762.3 1,521.0
1,553.0 Gross profit 112.3 112.8 48.2 225.1 15.0
Selling and administrative expenses 66.7 59.5 59.3 126.2
121.9 Restructuring charges - -
1.0 - 10.0 Operating income
(loss) 45.6 53.3 (12.1 ) 98.9 (116.9 ) Interest expense, net (34.5
) (33.5 ) (30.3 ) (68.0 ) (58.6 ) Other income, net 0.2
3.3 1.0 3.5
1.8 Income (loss) before income taxes 11.3 23.1 (41.4 ) 34.4
(173.7 ) Income tax provision (benefit) (2.1 ) 2.0
(25.9 ) (0.1 ) (60.1 )
Net income
(loss) $ 13.4 $ 21.1 $
(15.5 ) $ 34.5 $ (113.6
) Less: Net income attributable to noncontrolling interests
3.3 3.6 3.3 6.9
6.4
Net income (loss) attributable to
ATI $ 10.1 $ 17.5
$ (18.8 ) $ 27.6 $
(120.0 ) Basic net income (loss)
attributable to ATI per common share $ 0.09
$ 0.16 $ (0.18 )
$ 0.26 $ (1.12 )
Diluted net income (loss) attributable to ATI per common
share $ 0.09 $ 0.16
$ (0.18 ) $ 0.25 $
(1.12 )
Weighted average common shares outstanding
-- basic (millions)
107.7 107.5 107.3 107.6 107.3
Weighted average common shares outstanding
-- diluted (millions)
128.3 128.2 107.3 128.3 107.3
Actual common shares outstanding -- end of
period (millions)
108.9 108.8 108.9 108.9 108.9
Allegheny
Technologies Incorporated and Subsidiaries Sales and
Operating Profit by Business Segment (Unaudited, dollars in
millions)
Three Months
Ended Six Months Ended June 30 March 31
June 30 June 30 June 30 2017
2017 2016 2017 2016 Sales: High
Performance Materials & Components $ 526.4 $ 510.4 $ 498.4 $
1,036.8 $ 991.4 Flat Rolled Products 353.8
355.5 312.1 709.3 576.6
Total External Sales $ 880.2
$ 865.9 $ 810.5
$ 1,746.1 $ 1,568.0
Operating Profit (Loss): High Performance Materials
& Components $ 68.0 $ 50.9 $ 38.8 $ 118.9 $ 67.9 % of Sales
12.9 % 10.0 % 7.8 % 11.5 % 6.8 % Flat Rolled Products 2.9
19.0 (31.8 ) 21.9 (141.4 ) % of Sales 0.8 % 5.3 %
-10.2 % 3.1 % -24.5 %
Operating
Profit (Loss) 70.9 69.9 7.0 140.8
(73.5 ) % of Sales 8.1 % 8.1 % 0.9 % 8.1 % -4.7 %
LIFO and net realizable value reserves (0.1 ) - 0.4
(0.1 ) 0.4 Corporate expenses (11.8 ) (10.3 ) (11.8 ) (22.1
) (22.8 ) Closed operations and other expenses (13.2 ) (3.0
) (5.7 ) (16.2 ) (9.2 ) Restructuring and other charges - -
(1.0 ) - (10.0 ) Interest expense, net (34.5 )
(33.5 ) (30.3 ) (68.0 ) (58.6 )
Income (loss) before income taxes $ 11.3
$ 23.1 $ (41.4 )
$ 34.4 $ (173.7 )
Allegheny Technologies Incorporated and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited, dollars in
millions)
June 30, December 31,
2017 2016 ASSETS Current Assets:
Cash and cash equivalents $ 154.6 $ 229.6
Accounts receivable, net of allowances for
doubtful accounts
538.6 452.1 Inventories, net 1,076.2 1,037.0 Prepaid expenses and
other current assets 30.7 47.8
Total Current
Assets 1,800.1 1,766.5 Property, plant and
equipment, net 2,492.3 2,498.9 Goodwill 643.5 641.9 Other assets
250.4 262.7
Total Assets $
5,186.3 $ 5,170.0 LIABILITIES AND
EQUITY Current Liabilities: Accounts payable $
355.5 $ 294.3 Accrued liabilities 278.0 309.3
Short term debt and current portion of
long-term debt
67.5 105.1
Total Current Liabilities
701.0 708.7 Long-term debt 1,876.6 1,771.9
Accrued postretirement benefits 308.0 317.7 Pension liabilities
682.9 827.9 Deferred income taxes 20.1 15.6 Other long-term
liabilities 83.3 83.4
Total Liabilities
3,671.9 3,725.2 Total ATI stockholders'
equity 1,413.5 1,355.2 Noncontrolling interests 100.9
89.6
Total Equity 1,514.4
1,444.8 Total Liabilities and Equity $
5,186.3 $ 5,170.0 Allegheny
Technologies Incorporated and Subsidiaries Condensed
Consolidated Statements of Cash Flows (Unaudited, dollars in
millions)
Six Months Ended June
30 2017 2016 Operating
Activities: Net income (loss) $ 34.5 $ (113.6 )
Depreciation and amortization 80.6 87.8 Deferred taxes 7.6 (62.4 )
Change in managed working capital (62.6 ) 10.3 Change in retirement
benefits (a) (135.0 ) 10.3 Accrued liabilities and other
(10.6 ) 34.0
Cash used in operating activities
(85.5 ) (33.6 ) Investing
Activities: Purchases of property, plant and equipment (55.3 )
(145.3 ) Asset disposals and other 3.3 1.8
Cash used in investing activities (52.0
) (143.5 ) Financing Activities:
Borrowings on long-term debt 7.3 387.5 Payments on long-term debt
and capital leases (0.8 ) (0.6 ) Net borrowings under credit
facilities 59.4 2.5 Debt issuance costs (0.8 ) (10.4 ) Dividends
paid to shareholders - (17.2 ) Sale (purchase) of noncontrolling
interests 2.2 (12.2 ) Taxes on share-based compensation and other
(4.8 ) -
Cash provided by financing
activities 62.5 349.6
Increase (decrease) in cash and cash equivalents
(75.0 ) 172.5 Cash and cash equivalents at
beginning of period 229.6 149.8
Cash
and cash equivalents at end of period $ 154.6
$ 322.3
(a)
Includes $(135) million contribution to
the U.S. defined benefit pension plan in 2017.
Allegheny Technologies Incorporated and
Subsidiaries Selected Financial Data (Unaudited)
Three Months Ended Six
Months Ended June 30 March 31 June 30
June 30 June 30 2017 2017 2016
2017 2016 Percentage of Total ATI Sales
High-Value Products Nickel-based alloys and specialty alloys
27 % 26 % 27 % 26 % 28 % Precision forgings, castings and
components 19 % 18 % 17 % 18 % 17 % Titanium and titanium-based
alloys 16 % 18 % 19 % 17 % 20 % Precision and engineered strip 13 %
14 % 13 % 14 % 12 % Zirconium and related alloys 7 %
6 % 8 % 7 % 8 % Total High-Value Products,
excluding GOES 82 % 82 % 84 % 82 % 85 % Grain-oriented electrical
steel (GOES) 0 % 0 % 1 % 0 % 2 %
Total High-Value Products, including GOES 82 % 82 %
85 % 82 % 87 %
Standard Products
Stainless steel sheet 9 % 10 % 7 % 9 % 6 % Specialty stainless
sheet 5 % 5 % 4 % 5 % 4 % Stainless steel plate and other 4
% 3 % 4 % 4 % 3 % Total Standard
Products 18 % 18 % 15 % 18 % 13
%
Grand Total 100 % 100 % 100 %
100 % 100 %
Three Months Ended Six
Months Ended June 30 March 31 June 30
June 30 June 30 Shipment Volume: 2017
2017 2016 2017 2016 Flat Rolled
Products (000's lbs.) High value* 74,089 75,333 77,757 149,422
144,400 Standard 114,677 114,985
103,558 229,662 170,594 Flat
Rolled Products total 188,766 190,318 181,315 379,084 314,994
Average Selling Prices: Flat Rolled
Products (per lb.) High value* $ 2.84 $ 2.77 $ 2.52 $ 2.81 $ 2.59
Standard $ 1.23 $ 1.26 $ 1.01 $ 1.24 $ 1.00 Flat Rolled Products
combined average $ 1.86 $ 1.86 $ 1.66 $ 1.86 $ 1.73 *
High value products exclude GOES for the quarter and six months
ended June 30, 2016.
Allegheny Technologies Incorporated and Subsidiaries
Computation of Basic and Diluted Earnings Per Share Attributable
to ATI (Unaudited, in millions, except per share amounts)
Three Months Ended Six Months Ended June
30 March 31 June 30 June 30 June 30
2017 2017 2016 2017 2016
Numerator for Basic net income (loss) per common share - Net income
(loss) attributable to ATI $ 10.1 $ 17.5 $ (18.8 ) $ 27.6 $ (120.0
) Effect of dilutive securities: 4.75% Convertible Senior Notes due
2022 1.8 3.0 - 4.8 -
Numerator for Diluted net income (loss) per common share -
Net income (loss) attributable to ATI after assumed conversions $
11.9 $ 20.5 $ (18.8 ) $ 32.4 $ (120.0 ) Denominator for
Basic net income (loss) per common share - Weighted average shares
outstanding 107.7 107.5 107.3 107.6 107.3 Effect of dilutive
securities: Share-based compensation 0.7 0.8 - 0.8 - 4.75%
Convertible Senior Notes due 2022 19.9 19.9 -
19.9 - Denominator for Diluted net
income (loss) per common share - Adjusted weighted average shares
assuming conversions 128.3 128.2 107.3
128.3 107.3 Basic net income (loss)
attributable to ATI per common share
$ 0.09 $
0.16 $ (0.18 ) $ 0.26
$ (1.12 ) Diluted net income (loss)
attributable to ATI per common share
$ 0.09 $
0.16 $ (0.18 ) $ 0.25
$ (1.12 ) Allegheny
Technologies Incorporated and Subsidiaries Other Financial
Information Managed Working Capital (Unaudited, dollars
in millions)
June 30 December 31 2017
2016 Accounts receivable $ 538.6 $ 452.1 Inventory
1,076.2 1,037.0 Accounts payable (355.5 ) (294.3 )
Subtotal 1,259.3 1,194.8 Allowance for doubtful accounts 6.0
7.3 LIFO reserve (79.1 ) (97.3 ) Inventory reserves 150.2
169.0 Managed working capital $ 1,336.4
$ 1,273.8
Annualized prior 3 months sales
$ 3,520.9 $ 3,184.2
Managed working capital as a % of
annualized sales
38.0 % 40.0 %
June 30, 2017 change in managed working
capital
$ 62.6 As part of managing the liquidity in our business, we
focus on controlling managed working capital, which is defined as
gross accounts receivable and gross inventories, less accounts
payable. In measuring performance in controlling this managed
working capital, we exclude the effects of LIFO and other inventory
valuation reserves and reserves for uncollectible accounts
receivable which, due to their nature, are managed separately.
Allegheny Technologies Incorporated and
Subsidiaries Other Financial Information Debt to
Capital (Unaudited, dollars in millions)
June 30 December 31 2017 2016
Total debt (a) $ 1,960.1 $ 1,894.1 Less: Cash (154.6 )
(229.6 ) Net debt $ 1,805.5 $ 1,664.5 Net debt $
1,805.5 $ 1,664.5 Total ATI stockholders' equity 1,413.5
1,355.2 Net ATI capital $ 3,219.0 $ 3,019.7
Net debt to ATI capital 56.1 %
55.1 % Total debt (a) $ 1,960.1 $
1,894.1 Total ATI stockholders' equity 1,413.5
1,355.2 Total ATI capital $ 3,373.6 $ 3,249.3
Total debt to total ATI capital 58.1 %
58.3 % (a) Excludes debt issuance
costs. In managing the overall capital structure of the
Company, some of the measures that we focus on are net debt to net
capitalization, which is the percentage of debt, net of cash that
may be available to reduce borrowings, to the total invested and
borrowed capital of ATI (excluding noncontrolling interest), and
total debt to total ATI capitalization, which excludes cash
balances.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170725005728/en/
Allegheny Technologies IncorporatedDan L. Greenfield,
412-394-3004
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