{"id":521995,"date":"2021-08-03T07:33:47","date_gmt":"2021-08-03T11:33:47","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ati-announces-second-quarter-2021-results\/"},"modified":"2021-08-03T07:33:47","modified_gmt":"2021-08-03T11:33:47","slug":"ati-announces-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ati-announces-second-quarter-2021-results\/","title":{"rendered":"ATI Announces Second Quarter 2021 Results"},"content":{"rendered":"
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Aerospace recovery continues to gain momentum<\/h2>\n

Labor strike resolved, business transformation on track<\/h2>\n

– Sales of $616 million<\/h2>\n

— HPMC sales increased 25% over Q1 2021 as demand for aerospace recovers<\/h2>\n

— AA&S sales decreased 30% vs. Q1 2021 due to strike-related impacts<\/h2>\n

– Net loss attributable to ATI of $49.2 million, or $(0.39) per share<\/h2>\n

— Adjusted EPS of $(0.12) excluding strike-related costs and restructuring items<\/h2>\n

– Segment EBITDA of $73.2 million, or 11.9% of sales<\/h2>\n

— HPMC segment EBITDA improved over 50% sequentially, to $37.2 million<\/h2>\n

— AA&S segment EBITDA was $36.0 million, or 11.4% of segment sales<\/h2>\n

— Segment EBITDA excludes strike-related costs of $40.3 million<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n PITTSBURGH<\/span>, Aug.\u00a03, 2021 \/PRNewswire\/ — Allegheny Technologies Incorporated (NYSE: ATI) reported second quarter 2021 results, with sales of $616 million<\/span> and a net loss attributable to ATI of $49.2 million<\/span>, or $(0.39)<\/span> per share. Excluding $40.3 million<\/span> of strike-related costs and $6.2 million<\/span> of income from reduced restructuring charge reserves, adjusted net loss attributable to ATI was $15.1 million<\/span>, or $(0.12)<\/span> per share.\u00a0 Adjusted EBITDA was $53.7 million<\/span>, or 8.7% of sales.\u00a0 Sales in the first quarter 2021 were $693 million<\/span>, and the net loss attributable to ATI was $7.9 million<\/span>, or $(0.06)<\/span> per share.\u00a0 Adjusted EBITDA was $62.6 million<\/span>, or 9.0% of sales.\u00a0 Prior year second quarter results were sales of $770 million<\/span>, and the net loss attributable to ATI was $422.6 million<\/span>, or $(3.34)<\/span> per share.\u00a0 Excluding goodwill impairment, debt extinguishment costs and income tax valuation allowances, ATI’s adjusted net loss for the second quarter 2020 was $2.3 million<\/span>, or $(0.02)<\/span> per share, and adjusted EBITDA was $57.6 million<\/span>, or 7.5% of sales.<\/p>\n

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\n \"(PRNewsfoto\/Allegheny
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“Our second quarter results reflect the ongoing improvements in many of our key end markets, most notably jet engine materials and components, as well as the continued benefits from our aggressive 2020 cost cutting actions and recent share gains,” said Robert S. Wetherbee<\/span>, Board Chair, President and CEO.\u00a0\u00a0 “Worldwide economic recovery is increasing the demand for travel, efficient energy, and many types of consumer products.\u00a0 These benefit ATI, and we are well positioned to capture this growth.”<\/p>\n

ATI’s second quarter results include a significant negative impact on our Specialty Rolled Products (SRP) business from the strike by employees represented by the United Steelworkers, which concluded on July 13, 2021<\/span>. “We welcome our employees back,” said Wetherbee. “While their decision to strike created short-term headwinds, the settlement reached allows this business to have a more predictable and manageable cost structure moving forward. We thank the salaried and temporary workers who kept us operating safely so we could meet the needs of the customers who count on us. We look forward to this business ramping back up to its full capability in the second half of 2021. The transformation of our SRP business remains on track, including the elimination of standard stainless sheet products by the end of 2021.”<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
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\n
\n Operating Results by Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n High Performance Materials & Components (HPMC)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n June 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n March 31<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n June 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n ($ millions)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 300.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 240.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 300.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Segment EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 37.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 24.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 28.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n % of Sales<\/span>\n <\/p>\n<\/td>\n

\n

\n 12.4<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.2<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.5<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n