Read Larry Connors' blog – Short Term Trading Strategies
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.
Allegheny Technologies shares traded as low as $34.50 yesterday before closing at $34.81, down $3.18, on volume of nearly 6 million shares, twice the daily average. The stock is up 36 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."
The muted outlook was reiterated by Chief Financial Officer Richard J. Harshman during a conference call with analysts.
"We, along with most people, aren't expecting a V-shaped recovery," he said.
The company said it cut more than $121 million in costs in the first nine months of the year and expects to exceed its full-year targeted savings of more than $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 expected fourth-quarter results to be similar to those posted for the third quarter.
Len Boselovic can be reached at lboselovic@post-gazette.com or 412-263-1941.
"Money Q&A" and "Company Town" are featured exclusively at PG+, a members-only web site of the Pittsburgh Post-Gazette. Our introduction to PG+ gives you all the details.
To see more of the Post-Gazette, or to subscribe to the newspaper, go to http://www.post-gazette.com. Copyright (c) 2009, Pittsburgh Post-Gazette Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
