ATI Q1 2020 Earnings Report
Key Takeaways
Allegheny Technologies Incorporated reported a decrease in sales to $956 million, but an increase in business segment operating profit to $81.2 million. Net income attributable to ATI was $21.1 million, or $0.16 per share. The company withdrew its full-year 2020 guidance due to the uncertain impact of COVID-19.
Sales decreased by 5% compared to Q1 2019 but were in line with the previous year excluding divestitures.
Business segment operating profit increased by 32% year-over-year, reaching $81.2 million.
Cash on hand was $639 million, with managed working capital percentage of sales in line with the previous year.
Net income attributable to ATI was $21.1 million, or $0.16 per share, with adjusted net income at $26.6 million, or $0.20 per share.
ATI
ATI
ATI Revenue by Segment
Forward Guidance
Due to current market uncertainty, the Company is withdrawing its full year 2020 guidance, but will provide additional information regarding its 2020 outlook on the first quarter earnings call.