Allegheny Technologies Incorporated (NYSE:ATI) projects a great outlook for 2013 according to the current report filed with the SEC on Wednesday. According to Rich Harshman, CEO, the fourth quarter was negatively impacted by global economic conditions. While the company forecasts challenging economic conditions to continue in the first half of the year, they expect demand in their aerospace, oil and gas, medical global, and chemical processing markets for the second half of the year. Their electrical energy market is expected to remain constant with no growth or decline expectations. The company sees growth in the specialty metals for the medical market.
Although last year’s first quarter average closing price was 45.47, ATI closed yesterday on the NYSE at 30.19. Last year’s average closing price was 35.42 with quarterly intervals of 45.47 (1st quarter), 35.91 (2nd quarter), 31.58 (3rd quarter) and 28.76 (4th quarter). ATI is a specialty metals producer headquartered in Pittsburgh and has operating facilities on three continents- North America, Europe and Asia.
While ATI did worse in 2012 than in 2011, ATI ended the year with $1.10 billion in sales for the fourth quarter, and sales for the year were $5.03 billion. Cost and expenses were 4.3 billion for the year. Costs, expenses, taxes and interest lowered sales for a net income of $13.5 million for the fourth quarter and $167.8 million for the year. Sales for the fourth quarter of 2011 were $1.25 million and for the year were $5.183 million. Net income for the fourth quarter of 2011 was $31.7 million and $214.3 million for the year.
ATI experienced a decrease in sales and net income in 2012 compared to 2011. For the fourth quarter, sales decreased 12% from the fourth quarter of last year as they decreased from $1.2 to $1.1. Annual sales decreased from $5.1 billion to $5.03billion for a 3% decrease. Net income had a more significant decrease. Annual net income decreased 26% dropping from $214.3 million to $158.4 million while fourth quarter net income decreased 66% dropping from 31.7 to 10.5.