News Column

BRIEF: Allegheny Technologies reports 2Q loss despite higher sales

July 22, 2014

By John D. Oravecz, The Pittsburgh Tribune-Review



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 joravecz@tribweb.com.

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(c)2014 The Pittsburgh Tribune-Review (Greensburg, Pa.)

Visit The Pittsburgh Tribune-Review (Greensburg, Pa.) at www.triblive.com

Distributed by MCT Information Services


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Source: Pittsburgh Tribune-Review (PA)


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