Allegheny Technologies (ATI) Reports Q4 Loss of $0.04

Allegheny Technologies (NYSE: ATI) reported Q4 EPS of ($0.04), versus ($0.50) reported last year. Revenue for the quarter came in at $769 thousand, versus $738.9 thousand reported last year.

"Our fourth quarter 2016 results represent a positive ending to a difficult year. Growth was strong for our next-generation aerospace products, and ATI benefited from significant restructuring actions across the Company,” said Rich Harshman, Chairman, President and Chief Executive Officer. “High Performance Materials & Components operating profit reached 11% of sales. The Flat Rolled Products segment results were close to break-even, after four years of operating losses.

“The full year 2016 has been a period of transition for ATI as we made hard decisions and took significant actions to improve our cost structure and lay the groundwork for future long-term profitable growth. Sales to the aerospace and defense market were over 50% of sales. Our next-generation, differentiated jet engine product mix continued to grow, and our airframe titanium product shipments remained strong. Our Flat Rolled Products segment made progress to achieve sustainable profitability primarily as a result of cost reduction and restructuring actions.”

For earnings history and earnings-related data on Allegheny Technologies (ATI) click here.

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