• Most Popular
  • Most Shared

UPDATE 1-Allegheny Tech third-quarter profit slides

Wed Oct 21, 2009 7:56am EDT

Stocks

   

* Q3 profit 1 cent per share vs Wall St view 3 cents

Stocks  |  Global Markets  |  Basic Materials

* Revenue cut by half to $698 million

* Shares fall 3.2 percent

NEW YORK, Oct 21 (Reuters) - Metals processor Allegheny Technologies Inc (ATI.N) posted lower-than-expected third-quarter profit and revenue on Wednesday and said its customers remained cautious and were holding back on new purchases.

Net earnings dropped to $1.4 million, or 1 cent per share, from $144.1 million, or $1.45 per share, a year earlier.

Revenue fell 50 percent to $698 million as demand softened for the company's titanium alloys, stainless and tungsten products.

Analysts had expected the company to post earnings per share of 3 cents and revenue of $739 million, according to Thomson Reuters I/B/E/S.

Allegheny Technologies shares fell 3.2 percent to $36.79 in trading before the market opened. (Reporting by Steve James and Matt Daily; Editing by Lisa Von Ahn)

Stocks
Global Markets
Basic Materials


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets