Stock Monitor: Shiloh Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 26, 2018 / Active-Investors.com has just released a free earnings report on Allegheny Technologies Inc. (NYSE: ATI) ("Allegheny"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=ATI. Allegheny Technologies reported its fourth quarter and fiscal 2017 operating and financial results on January 23, 2018. The maker of steel and specialty metals reported a 14% growth in sales and reported positive income on an adjusted basis. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Shiloh Industries, Inc. (NASDAQ: SHLO), which also belongs to the Industrial Goods sector as the Company Allegheny Technologies. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Allegheny Technologies most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=ATI
Earnings Highlights and Summary
Allegheny's sales for the fourth quarter 2017 ended December 31, 2017, were $909.9 million, reflecting growth of 14% compared to Q4 2016 sales of $869.1 million. The Company's revenue numbers topped analysts' estimates of $904.5 million.
Allegheny's sales for the full year 2017 increased 13% to $3.53 billion compared to $3.13 billion for 2016.
For Q4 2017, net income attributable to Allegheny was $1.7 million, or $0.01 per share, compared to net income attributable to Allegheny of $9.9 million, or $0.09 per share, in Q4 2016. For the reported quarter, the Company posted adjusted net income $34.6 million, or $0.27 per share, excluding the debt extinguishment charge and tax legislation benefits, versus an adjusted net loss attributable to the Company of $3.9 million, or $0.04 per share, for the year earlier corresponding quarter. Allegheny's earnings beat Wall Street's estimates of $0.14 per share.
For the full year 2017, net loss attributable to Allegheny was $91.9 million, or $0.84 per share, compared to net loss attributable to the Company for full year 2016 of $640.9 million, or $5.97 per share. On an adjusted basis, net income attributable to Allegheny of $54.6 million, or $0.48 per share, for FY17, excluding the goodwill impairment and debt extinguishment charges, and tax legislation benefits.
Allegheny's Segment Results
During Q4 2017, the High-Performance Materials & Components (HPMC) segment's sales grew 9% to $517.7 million on a y-o-y basis, primarily due to higher sales of nickel-based and specialty alloys and forged and cast components. Sales to the commercial aerospace market, which represented 63% of the segment's reported quarter sales, grew 8% on a y-o-y basis. The segment's construction and mining market sales were 65% higher, and sales to the oil & gas market improved 37% in the reported quarter.
For Q4 2017, the HPMC segment's operating profit improved to $65.8 million, or 12.7% of sales, compared to $53.8 million, or 11.3% of sales, for Q4 2016. Operating profit improvement reflected higher productivity from increasing aerospace and defense sales, an improved product mix of next-generation nickel alloys and forgings for the aero engine market, and the benefits from the 2016 titanium operations restructuring activities.
During Q4 2017, the Flat Rolled Products (FRP) segment's sales surged 23.3% to $392.2 million on a y-o-y basis, due to higher shipment volume for high-value products, and slightly higher selling prices for both high-value and standard stainless products. Sales to the oil & gas market were $44.3 million higher, representing 60% of the total sales increase.
For Q4 2017, the FRP segment's operating profit was $22.4 million, or 5.7% of sales, compared to segment operating loss of $0.8 million, or negative 0.3% of sales, in Q4 2016.
Cash Matters
Allegheny's cash on hand at December 31, 2017, was $141.6 million, with $76.2 million provided by operations in Q4 2017. For the full year 2017, the Company's cash provided by operations was $22.4 million, including a $135.0 million contribution to Allegheny's Pension Plan, or $157.4 million excluding the pension contribution.
Allegheny de-levered the balance sheet through a common stock offering in Q4 2017. In November 2017, the Company issued 17 million shares of common stock at $24.00 per share before expenses, and received $397.8 million, net of transaction costs. Proceeds from the stock offering were used to redeem all $350 million aggregate principal amount of the Company's 9.375% Senior Notes due 2019, resulting in a $37.0 million debt extinguishment charge.
Stock Performance Snapshot
January 25, 2018 - At Thursday's closing bell, Allegheny Technologies' stock fell 1.98%, ending the trading session at $28.17.
Volume traded for the day: 2.39 million shares, which was above the 3-month average volume of 2.45 million shares.
Stock performance in the last month - up 14.42%; previous three-month period - up 13.96%; past twelve-month period - up 28.75%; and year-to-date - up 16.69%
After yesterday's close, Allegheny Technologies' market cap was at $3.07 billion.
The stock is part of the Industrial Goods sector, categorized under the Metal Fabrication industry. This sector was up 0.7% at the end of the session.
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