WASHINGTON (dpa-AFX) - Allegheny Technologies Inc. (ATI), a diversified specialty metals producer, reported Tuesday that its second-quarter net loss attributable to the company was $3.8 million or $0.03 per share, including the HRPF and Rowley costs. In the prior year, net income attributable to the company was $4.4 million or $0.04 per share.
On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.01 for the quarter. Analysts' estimates typically exclude one-time items.
Sales increased 6 percent to $1.12 billion from last year's $1.057 billion. Analysts were looking for sales of $1.06 billion.
Sequentially, sales increased 13 percent due to improved demand for our nickel-based alloys and superalloys, and titanium alloys in the High Performance Materials & Components segment, as well as increased shipments in Flat Rolled Products segment.
Looking ahead to the third quarter, the company said it expects business conditions to continue to improve, resulting in improved operating results before taking into account start-up and qualification costs and net inventory valuation charges.
'Excluding these costs and inventory valuation charges, we expect pre-tax operating results from continuing operations to improve by $15 million to $20 million in the third quarter 2014, compared to the second quarter 2014,' the company said in its statement.
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