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Net income totaled $1.4 million, or 1 cent per diluted share, vs. earnings of $144.1 million, or $1.45 per diluted share, in the year-ago quarter. Sales were off 50 percent to $697.6 million, reflecting lower shipments and reduced surcharges for nickel and other raw materials.
Analysts were expecting profits of 3 cents per share.
Shortly after 10 a.m., Allegheny Technologies shares were priced at $36.48, down $1.51. They are up 43 percent for the year.
"Looking past the remainder of 2009, the worst appears to be behind us," Chairman, President and CEO L. Patrick Hassey said. "We believe 2010 will be a transition year to the next growth cycle in most of our markets, particularly the aerospace and global infrastructure markets."
The company said it achieved more than $121 million in cost reductions in the first nine months of the year and expects to exceed its full year targeted savings of over $150 million. It ended the quarter with $826.3 million in cash, up $356.4 million from year-end levels.
Mr. Hassey said the company signed several long-term agreements with key customers during the quarter and continued to invest, including the planned acquisition of Crucible Compaction Metals and Crucible Research. The $41 million purchase is expected to be completed this month, Mr. Hassey said.
He said fourth-quarter results should be similar to those posted for the third quarter. While some positive signs of recovery are emerging, customers remain cautious due to global economic uncertainty, Mr. Hassey said.
Len Boselovic can be reached at lboselovic@post-gazette.com or 412-263-1941.
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