Creating Value Thru Relentless Innovation™
ATI is a global manufacturer of technically advanced specialty materials and complex components. ATI revenue was $3.8 billion for the twelve month period ended June 30, 2018. Our largest market is aerospace & defense, particularly jet engines. We also have a strong presence in the oil & gas, electrical energy, medical, automotive, and other industrial markets. ATI is a market leader in manufacturing differentiated specialty alloys and forgings that require our unique manufacturing and precision machining capabilities and our innovative new product development competence. We are a leader in producing powders for use in next-generation jet engine forgings and 3D-printed aerospace products. See more at our website ATIMetals.com.
| Allegheny Technologies Incorporated and Subsidiaries | |||||||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||||||
| (Unaudited, dollars in millions, except per share amounts) | |||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||
| June 30 | March 31 | June 30 | June 30 | June 30 | |||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||
| Sales | $ | 1,009.5 | $ | 979.0 | $ | 880.2 | $ | 1,988.5 | $ | 1,746.1 | |||||||||||
| Cost of sales | 835.8 | 830.4 | 755.9 | 1,666.2 | 1,497.0 | ||||||||||||||||
| Gross profit | 173.7 | 148.6 | 124.3 | 322.3 | 249.1 | ||||||||||||||||
| Selling and administrative expenses | 62.7 | 67.1 | 65.0 | 129.8 | 122.9 | ||||||||||||||||
| Operating income | 111.0 | 81.5 | 59.3 | 192.5 | 126.2 | ||||||||||||||||
| Nonoperating retirement benefit expense | (8.8 | ) | (8.3 | ) | (13.7 | ) | (17.1 | ) | (27.3 | ) | |||||||||||
| Interest expense, net | (25.5 | ) | (25.5 | ) | (34.5 | ) | (51.0 | ) | (68.0 | ) | |||||||||||
| Other income, net | 3.8 | 17.8 | 0.2 | 21.6 | 3.5 | ||||||||||||||||
| Income before income taxes | 80.5 | 65.5 | 11.3 | 146.0 | 34.4 | ||||||||||||||||
| Income tax provision (benefit) | 4.9 | 5.0 | (2.1 | ) | 9.9 | (0.1 | ) | ||||||||||||||
| Net income | $ | 75.6 | $ | 60.5 | $ | 13.4 | $ | 136.1 | $ | 34.5 | |||||||||||
| Less: Net income attributable to noncontrolling interests | 2.8 | 2.5 | 3.3 | 5.3 | 6.9 | ||||||||||||||||
| Net income attributable to ATI | $ | 72.8 | $ | 58.0 | $ | 10.1 | $ | 130.8 | $ | 27.6 | |||||||||||
| Basic net income attributable to ATI per common share | $ | 0.58 | $ | 0.46 | $ | 0.09 | $ | 1.05 | $ | 0.26 | |||||||||||
| Diluted net income attributable to ATI per common share | $ | 0.52 | $ | 0.42 | $ | 0.09 | $ | 0.94 | $ | 0.25 | |||||||||||
|
Weighted average common shares outstanding -- basic (millions) |
125.2 | 125.0 | 107.7 | 125.1 | 107.6 | ||||||||||||||||
|
Weighted average common shares outstanding -- diluted (millions) |
145.8 | 145.5 | 128.3 | 145.6 | 128.3 | ||||||||||||||||
|
Actual common shares outstanding -- end of period (millions) |
125.7 | 125.6 | 108.9 | 125.7 | 108.9 | ||||||||||||||||
