Research Desk Line-up: Tenaris Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 9, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Allegheny Technologies Inc. (NYSE: ATI), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=ATI, following the Company's announcement of its financial results on October 24, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Pittsburgh, Pennsylvania-based Company's quarterly sales rose 13% on a year-over-year basis, topping analyst's estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Metal Fabrication industry. Pro-TD has currently selected Tenaris S.A. (NYSE: TS) for due-diligence and potential coverage as the Company announced on November 01, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Tenaris when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ATI; also brushing on TS. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/'symbol=ATI
http://protraderdaily.com/optin/'symbol=TS
Earnings Reviewed
In Q3 FY17, Allegheny Technologies sales grew to $869.1 million from $770.5 million recorded at the end of Q3 FY16. Sales numbers topped market consensus estimates of $865.1 million for Q3 FY17.
The steel and specialty metals producer's loss attributable to Allegheny Technologies was $121.2 million, or $1.12 loss per diluted share, in Q3 FY17 compared to loss attributable to Allegheny Technologies of $530.8 million, or $4.95 loss per diluted share, in the prior year's comparable quarter. Excluding special items, the Company's net loss attributable to Allegheny Technologies narrowed to $7.6 million, or $0.07 loss per diluted share, during Q3 FY17 from $22.5 million, or $0.21 loss per diluted share, in the year-ago same quarter. Furthermore, the Company's adjusted net loss for the reported quarter was in-line with the market expectations.
Operational Metrics
In the quarter ended on September 30, 2017, Allegheny technologies' gross profit came in at $93.3 million compared to gross loss of $50.2 million in Q3 FY16. The Company reported operating loss of $87.3 million during Q3 FY17 compared to operating loss of $498.9 million in the last year's same quarter. Furthermore, total segment operating profit for Q3 FY17 stood at $54.4 million, or 6.3% of sales, compared to operating loss of $26.2 million, or 3.4% of sales, in the prior year's same quarter.
Allegheny Technologies' Segment Performance
The High-Performance Materials & Components segment's sales rose to $512.9 million in Q3 FY17 from $461.8 million reported in Q3 FY16. The segment's operating profit also increased to $61.7 million, or 12.0% of the segment's sales, during Q3 FY17 from $47.0 million, or 10.2% of the segment's sales, in Q3 FY16.
The Flat Rolled Products segment's sales grew to $356.2 million in Q3 FY17 from $308.7 million in Q3 FY16. The segment's operating loss narrowed during Q3 FY17 to $7.3 million from operating loss of $20.8 million in the year-ago same quarter. Furthermore, total Flat Rolled products shipment volume was 199.54 million lbs in Q3 FY17 compared to 175.73 million lbs recorded in Q3 FY16.
Cash Matters and Balance Sheet
During the three quarters ended September 30, 2017, the Company used cash in operations activities amounting to $53.8 million compared to cash used by operating activities of $111.7 million in the last year's comparable period. The Company had cash and cash equivalents worth $124.9 million on September 30, 2017, which was above $229.6 million recorded as on December 31, 2016. Furthermore, the Company has long-term loan amounting to $1.88 billion as on September 30, 2017, compared to $1.77 billion as on December 31, 2016.
Common Stock Offering
On November 07, 2017, Allegheny Technologies announced an intention to offer 17.00 million shares of common stock in an underwritten registered public offering. Moreover, the Company expects to grant the underwriter a 30-day option to purchase up to 2.55 million additional shares of common stock.
Stock Performance
Allegheny Technologies' share price finished yesterday's trading session at $23.80, declining 6.56%. A total volume of 14.98 million shares have exchanged hands, which was higher than the 3-month average volume of 1.88 million shares. The Company's stock price skyrocketed 32.00% in the last three months, 52.66% in the past six months, and 62.79% in the previous twelve months. Additionally, the stock soared 49.40% since the start of the year. Shares of the Company have a dividend yield of 1.34% and currently have a market cap of $2.58 billion.
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