Delivering cost savings ahead of
schedule
- Sales of $598 million reflecting challenged market
conditions in commercial aerospace
- Net loss attributable to ATI of $50.1 million, or $(0.40)
per share
- Adjusted net loss of $47.8 million, or $(0.38) per share,
excluding restructuring
- Adjusted EBITDA of $16.6 million, or 2.8% of sales
- $572 million of cash at September 30, approximately $950
million of total liquidity
- Reduced managed working capital by $115 million
Allegheny Technologies Incorporated (NYSE: ATI) reported third
quarter 2020 results, with sales of $598 million and a net loss
attributable to ATI of $50.1 million, or $(0.40) per share. Third
quarter 2020 results include $2.3 million of restructuring charges
for additional employee severance actions. On an adjusted basis,
third quarter 2020 net loss attributable to ATI was $47.8 million,
or ($0.38) per share. Adjusted EBITDA was $16.6 million, or 2.8% of
sales for the third quarter 2020.
For the third quarter 2019, sales were $1.0 billion and net
income attributable to ATI was $111.0 million, or $0.78 per share.
Results in 2019 included $68.2 million of pretax gains on sales of
non-core assets. On an adjusted basis, third quarter 2019 net
income attributable to ATI was $44.9 million, or $0.33 per share.
Adjusted EBITDA for the prior year quarter was $180.2 million, or
17.7% of sales.
“By proactively focusing on reducing costs, we accelerated
savings, limited decremental margins and drove third quarter
results that significantly exceeded our previous guidance,” said
Robert S. Wetherbee, ATI President and Chief Executive Officer.
“We've continued to prioritize the safety of our people as they
focus on delivering quality and value for our customers. We've
improved the efficiency of our operations and working capital
investment and maintained our strong financial position. Our
substantial cash and liquidity provides increasing stability in
challenging economic conditions and the capability to accelerate
shareholder value creation over time.”
Operating Results by Segment
Three months ended
High Performance Materials &
Components (HPMC)
September 30
June 30
September 30
($ millions)
2020
2020
2019
Sales
$
221.3
$
300.7
$
451.8
Segment Operating Profit (Loss)
$
(2.7
)
$
9.2
$
68.4
% of Sales
(1.2
)%
3.1
%
15.1
%
- HPMC sales in the third quarter 2020 decreased 51%
year-over-year and 26% versus the second quarter 2020. Sales to the
aerospace and defense markets represented 78% of total segment
sales, with sales to the commercial aerospace market down 64%,
while sales to the defense markets were 32% higher, compared to the
prior year period. In the third quarter 2020, sales of
next-generation jet engine products were 19% of total HPMC jet
engine product sales.
- HPMC segment operating loss was $2.7 million, or (1.2)% of
sales. Lower overall demand, including profitable next generation
jet engine products, and reduced asset utilization rates negatively
impacted operating margins.
Three months ended
Advanced Alloys & Solutions
(AA&S)
September 30
June 30
September 30
($ millions)
2020
2020
2019
Sales
$
376.7
$
469.6
$
566.9
Segment Operating Profit (Loss)
$
(4.1
)
$
18.1
$
30.8
% of Sales
(1.1
)%
3.9
%
5.4
%
- AA&S third quarter 2020 sales were 34% lower compared to
the prior year's quarter, and 20% lower than the second quarter
2020. Sales to the aerospace and defense markets were down 41%
compared to the prior year period, and down 34% sequentially. Sales
to electrical energy generation markets were 7% higher compared to
the prior year period, while total sales to all energy markets,
which include oil & gas, hydrocarbon and chemical processing
were 42% lower.
- AA&S segment operating loss was $4.1 million, or (1.1)% of
sales. Compared to the prior year period, AA&S 2020 segment
results reflect lower retirement benefit expense of approximately
$5 million each quarter.
- Third quarter AA&S segment results include $1.6 million of
losses from the A&T Stainless joint venture, which suspended
production in the quarter.
Corporate Items and Cash
- Corporate expenses in the third quarter 2020 were $10.9
million, or $5.1 million lower than the prior year period,
primarily due to lower incentive compensation expense based on
expected performance versus targeted metrics, and lower expenses
resulting from cost reduction actions.
- A $2.3 million restructuring charge for severance programs was
recorded in the third quarter 2020, which included actions at
several operating locations and the corporate office.
- Closed operations and other expenses in the third quarter 2020
were $1.1 million, reflecting lower legal and retirement benefit
costs of closed operations.
- Tax expense for the third quarter 2020 relates to foreign
jurisdictions. ATI maintains a valuation allowance on its U.S.
deferred tax assets due to being in a cumulative loss position. ATI
does not expect to pay any significant U.S federal or state income
taxes for the next several years due to net operating loss
carryforwards.
- Cash on hand at September 30, 2020 was $572.2 million, and
available additional liquidity under the asset based lending credit
facility was approximately $375 million. For the three months ended
September 30, 2020, cash provided by operating activities was $59.4
million, including $114.6 million from reductions in managed
working capital. U.S. pension plan contributions in the quarter
were $66.9 million. Cash used in investing activities was $27.4
million, primarily related to capital expenditures.
Outlook
“We expect fourth quarter results to be negatively affected by
the ongoing pandemic and its outsized impact on commercial
aerospace, our largest end-market,” said Wetherbee. “We are working
diligently to match our cost structure and inventories to demand.
With early signs of stabilization in our order books, we expect
modest improvements in commercial aerospace in 2021, starting with
our jet engine materials and components in the second half of the
year. We continue to proactively seek opportunities to make ATI a
more streamlined and profitable aerospace and defense supplier,
emerging stronger as the aerospace industry recovers.”
***********
Allegheny Technologies will conduct a conference call with
investors and analysts on Thursday, October 29, 2020, 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) business and
economic disruptions associated with the currently ongoing COVID-19
pandemic or other similar widespread public health crises that may
arise in the future and (i) other risk factors summarized in our
Annual Report on Form 10-K for the year ended December 31, 2019,
and in other reports filed with the Securities and Exchange
Commission. We assume no duty to update our forward-looking
statements.
Solving the World’s Challenges through Materials
Science
ATI (NYSE: ATI) is a $3 billion global manufacturer solving the
world’s most difficult challenges through materials science;
advanced, integrated process technologies; and relentlessly
innovative people. We serve customers whose demanding applications
need to fly higher, dig deeper, stand stronger, and last longer—
anywhere on, above, or below the earth. We partner to create new
specialty materials in forms that deliver ultimate performance and
long-term value in applications like jet engine forgings and
3D-printed aerospace components. We produce powders for forging and
additive manufacturing; rolled materials, and finished components.
Our specialty materials withstand extremes of temperature, stress
and corrosion to improve and protect human lives every day. Learn
more at ATIMetals.com.
Allegheny Technologies Incorporated and
Subsidiaries
Consolidated Statements of
Operations
(Unaudited, dollars in millions, except
per share amounts)
Three Months Ended
Nine Months Ended
September 30
June 30
September 30
September 30
September 30
2020
2020
2019
2020
2019
Sales
$
598.0
$
770.3
$
1,018.7
$
2,323.8
$
3,103.9
Cost of sales
559.9
695.6
859.0
2,076.2
2,635.4
Gross profit
38.1
74.7
159.7
247.6
468.5
Selling and administrative expenses
45.4
44.4
65.2
148.2
200.9
Impairment of goodwill
—
287.0
—
287.0
—
Restructuring charges
2.3
16.7
—
27.0
—
Operating income (loss)
(9.6
)
(273.4
)
94.5
(214.6
)
267.6
Nonoperating retirement benefit
expense
(11.1
)
(11.2
)
(18.5
)
(33.5
)
(55.2
)
Interest expense, net
(25.1
)
(21.7
)
(24.2
)
(68.7
)
(74.9
)
Debt extinguishment charge
—
(21.5
)
—
(21.5
)
—
Other income (expense), net
(0.4
)
0.5
67.2
(0.8
)
82.9
Income (loss) before income taxes
(46.2
)
(327.3
)
119.0
(339.1
)
220.4
Income tax provision
0.8
92.6
3.7
104.2
10.3
Net income (loss)
$
(47.0
)
$
(419.9
)
$
115.3
$
(443.3
)
$
210.1
Less: Net income attributable to
noncontrolling interests
3.1
2.7
4.3
8.3
9.0
Net income (loss) attributable to
ATI
$
(50.1
)
$
(422.6
)
$
111.0
$
(451.6
)
$
201.1
Basic net income (loss) attributable to
ATI per common share
$
(0.40
)
$
(3.34
)
$
0.88
$
(3.57
)
$
1.60
Diluted net income (loss) attributable
to ATI per common share
$
(0.40
)
$
(3.34
)
$
0.78
$
(3.57
)
$
1.44
Allegheny Technologies Incorporated and
Subsidiaries
Sales and Operating Profit (Loss) by
Business Segment
(Unaudited, dollars in millions)
Three Months Ended
Nine Months Ended
September 30
June 30
September 30
September 30
September 30
2020
2020
2019
2020
2019
Sales:
High Performance Materials &
Components
$
221.3
$
300.7
$
451.8
$
942.3
$
1,481.5
Advanced Alloys & Solutions
376.7
469.6
566.9
1,381.5
1,622.4
Total external sales
$
598.0
$
770.3
$
1,018.7
$
2,323.8
$
3,103.9
Segment operating profit (loss):
High Performance Materials &
Components
$
(2.7
)
$
9.2
$
68.4
$
63.6
$
198.5
% of Sales
(1.2
)%
3.1
%
15.1
%
6.7
%
13.4
%
Advanced Alloys & Solutions
(4.1
)
18.1
30.8
38.1
76.9
% of Sales
(1.1
)%
3.9
%
5.4
%
2.8
%
4.7
%
Total segment operating profit
(loss)
(6.8
)
27.3
99.2
101.7
275.4
% of Sales
(1.1
)%
3.5
%
9.7
%
4.4
%
8.9
%
LIFO and net realizable value reserves
—
—
—
—
(0.1
)
Corporate expenses
(10.9
)
(7.7
)
(16.0
)
(31.4
)
(50.6
)
Closed operations and other income
(expense)
(1.1
)
2.4
(8.2
)
(5.3
)
(19.2
)
Restructuring and other charges
(2.3
)
(16.7
)
—
(27.0
)
—
Impairment of goodwill
—
(287.0
)
—
(287.0
)
—
Joint venture restructuring charges
—
(2.4
)
—
(2.4
)
—
Gain on asset sales
—
—
68.2
2.5
89.8
Debt extinguishment charge
—
(21.5
)
—
(21.5
)
—
Interest expense, net
(25.1
)
(21.7
)
(24.2
)
(68.7
)
(74.9
)
Income (loss) before income
taxes
$
(46.2
)
$
(327.3
)
$
119.0
$
(339.1
)
$
220.4
Allegheny Technologies Incorporated and
Subsidiaries
Condensed Consolidated Balance
Sheets
(Current period unaudited, dollars in
millions)
September 30
December 31
2020
2019
ASSETS
Current Assets:
Cash and cash equivalents
$
572.2
$
490.8
Accounts receivable, net of allowances for
doubtful accounts
388.0
554.1
Short-term contract assets
41.7
38.5
Inventories, net
1,035.9
1,155.3
Prepaid expenses and other current
assets
48.5
64.3
Total Current Assets
2,086.3
2,303.0
Property, plant and equipment, net
2,466.6
2,450.1
Goodwill
238.4
525.8
Other assets
272.6
355.7
Total Assets
$
5,063.9
$
5,634.6
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$
240.7
$
521.2
Short-term contract liabilities
97.8
78.7
Short-term debt and current portion of
long-term debt
12.2
11.5
Other current liabilities
213.0
237.8
Total Current Liabilities
563.7
849.2
Long-term debt
1,529.0
1,387.4
Accrued postretirement benefits
300.2
312.5
Pension liabilities
608.9
731.5
Other long-term liabilities
212.3
160.8
Total Liabilities
3,214.1
3,441.4
Total ATI stockholders' equity
1,733.7
2,090.1
Noncontrolling interests
116.1
103.1
Total Equity
1,849.8
2,193.2
Total Liabilities and Equity
$
5,063.9
$
5,634.6
Allegheny Technologies Incorporated and
Subsidiaries
Condensed Consolidated Statements of
Cash Flows
(Unaudited, dollars in millions)
Nine Months Ended
September 30
September 30
2020
2019
Operating Activities:
Net income (loss)
$
(443.3
)
$
210.1
Depreciation and amortization
108.3
114.6
Deferred taxes
98.5
4.1
Impairment of goodwill
287.0
—
Debt extinguishment charge
21.5
—
Net gain from disposal of property, plant
and equipment
(3.3
)
(90.6
)
Loss from sale of businesses
—
1.8
Change in managed working capital
8.1
(59.1
)
Change in retirement benefits
(78.3
)
(86.0
)
Accrued liabilities and other
46.5
(104.9
)
Cash provided by (used in) operating
activities
45.0
(10.0
)
Investing Activities:
Purchases of property, plant and
equipment
(94.6
)
(98.1
)
Proceeds from sale of businesses, net of
transaction costs
—
155.9
Proceeds from disposal of property, plant
and equipment
4.0
91.8
Other
1.4
(0.2
)
Cash provided by (used in) investing
activities
(89.2
)
149.4
Financing Activities:
Borrowings on long-term debt
391.4
—
Payments on long-term debt and finance
leases
(209.5
)
(5.3
)
Net borrowings (payments) under credit
facilities
(0.9
)
5.1
Purchase of convertible note capped
call
(19.4
)
—
Debt issuance costs
(9.1
)
—
Debt extinguishment charge
(19.1
)
—
Taxes on share-based compensation and
other
(7.8
)
(9.9
)
Cash provided by (used in) financing
activities
125.6
(10.1
)
Increase in cash and cash
equivalents
81.4
129.3
Cash and cash equivalents at beginning of
period
490.8
382.0
Cash and cash equivalents at end of
period
$
572.2
$
511.3
Allegheny Technologies Incorporated and
Subsidiaries
Revenue by Market
(Unaudited, dollars in millions)
Three Months Ended
Nine Months Ended
September 30
September 30
September 30
September 30
2020
2019
2020
2019
Market
Aerospace & Defense:
Jet Engines
$
88.5
15
%
$
277.7
27
%
$
518.5
22
%
$
891.3
29
%
Airframes
79.7
13
%
150.0
15
%
332.1
14
%
486.1
16
%
Government Aerospace & Defense
77.9
13
%
75.8
7
%
253.6
11
%
223.9
7
%
Total Aerospace & Defense
$
246.1
41
%
$
503.5
49
%
$
1,104.2
47
%
$
1,601.3
52
%
Energy*
130.4
22
%
217.2
21
%
468.5
20
%
599.1
19
%
Automotive
59.4
10
%
73.6
7
%
186.7
8
%
224.1
7
%
Electronics/Computers/Communications
45.9
8
%
44.5
5
%
118.6
5
%
116.7
4
%
Food Equipment & Appliances
33.8
6
%
53.6
5
%
131.4
6
%
156.4
5
%
Construction/Mining
28.3
5
%
43.7
4
%
106.7
5
%
154.2
5
%
Medical
27.3
5
%
41.0
5
%
95.8
4
%
129.5
4
%
Other
26.8
3
%
41.6
4
%
111.9
5
%
122.6
4
%
Total
$
598.0
100
%
$
1,018.7
100
%
$
2,323.8
100
%
$
3,103.9
100
%
*Includes the oil & gas, hydrocarbon
and chemical processing, and electrical energy markets.
Allegheny Technologies Incorporated and
Subsidiaries
Selected Financial Data
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
June 30
September 30
September 30
September 30
2020
2020
2019
2020
2019
Percentage of Total ATI Sales
High-Value Products
Nickel-based alloys and specialty
alloys
28
%
30
%
33
%
30
%
32
%
Precision rolled strip products
18
%
12
%
12
%
13
%
11
%
Titanium and titanium-based alloys
17
%
19
%
19
%
18
%
18
%
Precision forgings, castings and
components
11
%
14
%
16
%
14
%
18
%
Zirconium and related alloys
10
%
8
%
5
%
9
%
6
%
Total High-Value Products
84
%
83
%
85
%
84
%
85
%
Standard Products
Standard stainless products
16
%
17
%
15
%
16
%
15
%
Grand Total
100
%
100
%
100
%
100
%
100
%
Note: Hot-Rolling and Processing Facility
conversion service sales in the AAS segment are excluded from this
presentation.
Allegheny Technologies Incorporated and
Subsidiaries
Computation of Basic and Diluted
Earnings Per Share Attributable to ATI
(Unaudited, dollars in millions, except
per share amounts)
Three Months Ended
Nine Months Ended
September 30
June 30
September 30
September 30
September 30
2020
2020
2019
2020
2019
Numerator for Basic net income (loss) per
common share -
Net income (loss) attributable to ATI
$
(50.1
)
$
(422.6
)
$
111.0
$
(451.6
)
$
201.1
Effect of dilutive securities:
4.75% Convertible Senior Notes due
2022
—
—
3.2
—
9.7
3.5% Convertible Senior Notes due 2025
—
—
—
—
—
Numerator for Diluted net income (loss)
per common share -
Net income (loss) attributable to ATI
after assumed conversions
$
(50.1
)
$
(422.6
)
$
114.2
$
(451.6
)
$
210.8
Denominator for Basic net income (loss)
per common share -
Weighted average shares outstanding
126.6
126.6
125.9
126.5
125.7
Effect of dilutive securities:
Share-based compensation
—
—
0.9
—
0.8
4.75% Convertible Senior Notes due
2022
—
—
19.9
—
19.9
3.5% Convertible Senior Notes due 2025
—
—
—
—
—
Denominator for Diluted net income (loss)
per common share -
Adjusted weighted average shares assuming
conversions
126.6
126.6
146.7
126.5
146.4
Basic net income (loss) attributable to
ATI per common share
$
(0.40
)
$
(3.34
)
$
0.88
$
(3.57
)
$
1.60
Diluted net income (loss) attributable to
ATI per common share
$
(0.40
)
$
(3.34
)
$
0.78
$
(3.57
)
$
1.44
Allegheny Technologies Incorporated and
Subsidiaries
Other Financial Information
Managed Working Capital
(Unaudited, dollars in millions)
September 30
June 30
December 31
2020
2020
2019
Accounts receivable
$
388.0
$
483.6
$
554.1
Short-term contract assets
41.7
41.6
38.5
Inventory
1,035.9
1,103.5
1,155.3
Accounts payable
(240.7
)
(275.8
)
(521.2
)
Short-term contract liabilities
(97.8
)
(109.8
)
(78.7
)
Subtotal
1,127.1
1,243.1
1,148.0
Allowance for doubtful accounts
4.3
4.5
4.6
LIFO reserve
(41.1
)
(47.6
)
(33.6
)
Inventory reserves
124.7
129.6
104.1
Managed working capital
$
1,215.0
$
1,329.6
$
1,223.1
Annualized prior 3 months sales
$
2,392.2
$
3,081.2
$
4,074.4
Managed working capital as a
% of annualized sales
50.8
%
43.2
%
30.0
%
Change in managed working capital:
Year-to-date 2020
$
(8.1
)
Q3 2020
$
(114.6
)
As part of managing the liquidity in our
business, we focus on controlling managed working capital, which is
defined as gross accounts receivable, short-term contract assets
and gross inventories, less accounts payable and short-term
contract liabilities. 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)
September 30
December 31
2020
2019
Total debt (a)
$
1,605.4
$
1,411.2
Less: Cash
(572.2
)
(490.8
)
Net debt
$
1,033.2
$
920.4
Net debt
$
1,033.2
$
920.4
Total ATI stockholders' equity (b)
1,683.9
2,090.1
Net ATI capital
$
2,717.1
$
3,010.5
Net debt to ATI capital
38.0
%
30.6
%
Total debt (a)
$
1,605.4
$
1,411.2
Total ATI stockholders' equity (b)
1,683.9
2,090.1
Total ATI capital
$
3,289.3
$
3,501.3
Total debt to total ATI capital
48.8
%
40.3
%
(a) Excludes debt issuance costs for both
periods. The September 30, 2020 debt balance presented in the table
includes $49.0 million for the unamortized balance of the portion
of the 2025 Convertible Notes recorded in stockholders' equity due
to the flexible settlement feature of the notes.
(b) The September 30, 2020 balance
presented excludes $49.8 million recorded in stockholders' equity
for a portion of the 2025 Convertible Notes, net of 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.
Allegheny Technologies Incorporated and
Subsidiaries
Non-GAAP Financial Measures
(Unaudited, dollars in millions, except
per share amounts)
The Company reports its financial results
in accordance with accounting principles generally accepted in the
United States of America ("GAAP"). However, management believes
that certain non-GAAP financial measures, used in managing the
business, may provide users of this financial information with
additional meaningful comparisons between current results and
results in prior periods. Non-GAAP financial measures should be
viewed in addition to, and not as an alternative for, the Company's
reported results prepared in accordance with GAAP. The following
table provides the calculation of the non-GAAP financial measures
discussed in the Company's press release dated October 29,
2020:
Three Months Ended
September 30, 2020
September 30, 2019
Net income (loss) attributable to ATI
$
(50.1
)
$
111.0
Adjust for special items:
Restructuring, net of tax (a)
2.3
—
Gain on sale of oil & gas rights, net
of tax (b)
—
(60.5
)
Loss on sale of industrial forgings
business, net of tax (c)
—
0.4
Gain on sale of cast products business,
net of tax (d)
—
(6.0
)
Net income (loss) attributable to ATI
excluding special items
$
(47.8
)
$
44.9
Per Diluted Share *
Per Diluted Share *
Net income (loss) attributable to ATI
$
(0.40
)
$
0.78
Adjust for special items:
Restructuring, net of tax (a)
0.02
—
Gain on sale of oil & gas rights, net
of tax (b)
—
(0.41
)
Loss on sale of industrial forgings
business, net of tax (c)
—
—
Gain on sale of cast products business,
net of tax (d)
—
(0.04
)
Net income (loss) attributable to ATI
excluding special items
$
(0.38
)
$
0.33
Earnings before
interest, taxes, depreciation and amortization
(EBITDA)
Three Months Ended
September 30, 2020
September 30, 2019
Net income (loss)
$
(47.0
)
$
115.3
(+) Depreciation and Amortization
35.4
37.0
(+) Interest Expense
25.1
24.2
(+) Income Tax Provision
0.8
3.7
EBITDA
14.3
180.2
Adjustments:
(+) Restructuring charge (a)
2.3
—
Adjusted EBITDA
$
16.6
$
180.2
* Presentation of adjusted results per
diluted share includes the effects of convertible debt, if
dilutive.
(a) Third quarter 2020 results include a
$2.3 million pre-tax restructuring charge for additional employee
severance actions.
(b) Third quarter 2019 results include a
$62.4 million pre-tax gain on the sale of oil & gas rights in
New Mexico.
(c) Third quarter 2019 results include a
$0.4 million pre-tax loss on the sale of the industrial forgings
business related to the final working capital adjustment.
(d) Third quarter 2019 results include a
$6.2 million pre-tax net gain on the sale of the cast products
business, which includes a $10.2 million write-down of the carry
value of long-lived assets of the retained Salem operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029005612/en/
Investor Contact: Scott A. Minder 412-395-2720
scott.minder@atimetals.com
Media Contact: Natalie Gillespie 412-394-2850
natalie.gillespie@atimetals.com
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