* Q2 earnings per share 50 cts vs Wall Street view 54 cts
* Sees demand hurt by slower 2H economic growth in U.S.,
* Stock down 0.2 percent
July 25 Metals processor Allegheny Technologies
Inc reported a drop in quarterly profit and said
third-quarter earnings would slip as slower-than-expected
Chinese and U.S. growth and uncertainty in Europe were hurting
Second-quarter results missed Wall Street expectations, and
the company's stock edged lower.
"Slower-than-expected economic growth in the U.S. and China,
fiscal and economic uncertainties in Europe, fiscal and
regulatory uncertainties in the U.S., and falling raw material
costs create near-term headwinds for demand growth," Chief
Executive Officer Rich Harshman said in a statement.
He said Allegheny, which purchases metals from manufacturers
and processes it for specific customer needs, expected
third-quarter revenue and volume to suffer from summer slowdowns
in many supply chains.
"As a result, we expect sales and earnings to trough in the
third quarter," said Harshman, without elaborating. Analysts
currently expect a third-quarter profit of 68 cents per share
and sales of $1.42 billion, according to Thomson Reuters
For the second quarter, Pittsburgh-based Allegheny reported
net earnings of $56.4 million, or 50 cents per share, compared
with $64 million, or 59 cents per share, a year earlier. Revenue
was essentially flat at $1.36 billion.
Analysts on average were expecting earnings of 54 cents per
share and revenue of $1.38 billion.
For the full year, Allegheny said it expected sales of $5.3
billion to $5.4 billion, which is below analysts' estimates of
The company's shares were down 0.2 percent at $28.58 in