WASHINGTON (dpa-AFX) - Specialty materials company Allegheny Technologies Inc. (ATI) reported fourth-quarter 2014 income from continuing operations attributable to ATI of $19.9 million, or $0.18 per share, as against a loss of $83.8 million, or $0.79 per share, last year, which included restructuring and inventory valuation charges of $75.1 million net of tax, or $0.71 per share.
On the other hand, net income attributable to ATI plunged to $22.1 million, or $0.20 per share for the recent quarter, from the prior year's $173.4 million, or $1.62 per share. On average, 11 analysts polled by Thomson Reuters expected the firm to report a breakeven per share for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly sales on continuing operations reached $1.05 billion, 14% higher than $915.3 million in the fourth quarter of 2013. Ten analysts had a consensus revenue estimate of $1.09 billion for the quarter.
The company said the latest quarter results include $25.5 million of pre-tax curtailment and settlement gains from postretirement benefit changes, and $17.7 million of pre-tax Hot-Rolling and Processing Facility start-up costs and costs related to the Rowley titanium sponge facility Premium Quality qualification process. Fourth quarter 2014 pre-tax results also included net inventory valuation reserve benefits of $13.2 million, the company said.
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