July 22--Allegheny Technologies Inc. reported a net loss, blaming startup costs for two new manufacturing plants, despite a 5.9 percent increase in revenue in the second quarter.
The Downtown specialty metals producer said on Tuesday it had a loss of $3.8 million, or 3 cents a share, compared to a profit of $4.4 million, or 4 cents a share, in the same period a year ago.
Revenue increased to $1.12 billion from 1.06 million last year.
The company said results included expenses of $2.8 million after tax for startup costs at its new hot strip mill at its Brackenridge plant in Harrison, and $8.1 million for costs at its Rowley, Utah, titanium sponge plant.
"We continue to see improvement in end-market demand as we moved through the second quarter," said CEO Rich Harshman. He said revenue increased 13 percent from the first quarter of this year.
John D. Oravecz is a staff writer for Trib Total Media. He can be reached at 412-320-7882 or firstname.lastname@example.org.
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