ATI’s 1st-qtr. earnings, sales drop on ‘sluggish demand’

Apr 24, 2013 | 05:38 PM | Daniel Fitzgerald

Tags  ATI, Allegheny Technologies, Richard Harshman, Brackenridge, stainless steel, electrical steel, aerospace demand, earnings report Daniel Fitzgerald

NEW YORK — Allegheny Technologies Inc. (ATI) saw its first-quarter net income plunge 82.2 percent to $10 million from $56.2 million in the same period last year on sales that fell 12.8 percent to $1.18 billion as a result of lackluster demand from its major end-market sectors.

"We saw continued sluggish demand from many of our major end markets," ATI chairman, president and chief executive officer Richard Harshman said in a conference call with analysts. "While demand from aerospace OEMs (original equipment manufacturers) in support of new builds improved compared to the fourth quarter of 2012, demand from the jet engine aftermarket remained low."....

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