Allegheny Technologies Incorporated (NYSE: ATI) reported first quarter 2017 sales of USD 865.9m and net income attributable to ATI of USD 17.5m, or USD 0.16 per share, the company said.
ATI´s sales to the key global markets of aerospace and defense, oil & gas, electrical energy, automotive and medical represented 80% of ATI first quarter 2017 sales. Business segment operating profit improved to USD 69.9m, or 8.1% of sales.
Sales for the first quarter 2017 were USD 865.9m, a 9% increase compared to the fourth quarter 2016. High Performance Materials & Components (HPMC) sales reflect stronger demand for nickel-based and specialty alloys mill products, and forged components. Flat Rolled Products (FRP) sales increased primarily due to improved transaction pricing for both high-value and standard stainless products.
Net income attributable to ATI for the first quarter 2017 was USD 17.5m, or USD 0.16 per share, compared to USD 9.9m, or USD 0.09 per share in the fourth quarter 2016. Results in both periods include impacts from income taxes which differ from a standard 35% tax rate, primarily related to income tax valuation allowance changes.
ATI is a global manufacturer of technically advanced specialty materials and complex components. Its largest market is aerospace & defense, particularly jet engines. The company also has a strong presence in the oil & gas, electrical energy, medical, automotive, and other industrial markets.
ATI manufactures differentiated specialty alloys and forgings that require unique manufacturing and precision machining capabilities and innovative new product development competence. It produces nickel-based alloys and superalloys, titanium alloys, specialty alloys, stainless steels, and zirconium and other related alloys in many mill product forms. The company also produces nickel-based alloy and titanium-based alloy powders for use in next-generation jet engine forgings and 3D-printed products.