Allegheny Tech Stock Price, News & Analysis

Allegheny Technologies Incorporated (NYSE: ATI) has reached a tentative agreement for a labor contract with the United Steelworkers (USW) covering around 1,300 employees in the Advanced Alloys & Solutions segment. This contract spans from March 1, 2021, to February 28, 2025, and is pending ratification by USW members. Executive vice president Kim Fields emphasized that the agreement supports employee stability and the company's goals, including mitigating healthcare cost inflation. ATI continues to pursue its strategy of exiting standard stainless sheet products.

Allegheny Technologies Incorporated (NYSE: ATI) will host a live conference call on August 3, 2021, at 8:30 a.m. ET, following its second quarter 2021 results release. The call will be accessible via the company's website, ATImetals.com, where presentation slides will also be available. A replay of the conference call will be provided after the event. ATI focuses on advanced materials science and serves demanding industries, enhancing performance and value in various applications.

Allegheny Technologies Incorporated (NYSE: ATI) announced that Robert S. Wetherbee has been appointed Board Chair following the 2021 Annual Meeting. His appointment coincides with the retirement of Diane C. Creel, who served as Board Chair since 2019. J. Brett Harvey has been named Lead Independent Director. Wetherbee emphasized the importance of unified leadership for shareholder value and expressed confidence in ATI's future. Under his leadership since January 2019, Wetherbee has focused on building a strong leadership team and addressing challenges posed by the pandemic.

Allegheny Technologies (NYSE: ATI) reported Q1 2021 sales of $693 million, with a net loss of $7.9 million or $(0.06) per share. Adjusted EBITDA stood at $62.6 million, 9.0% of sales. Sequentially, sales improved compared to Q4 2020’s $658 million, owing to recovering jet engine production and rising raw material prices. Year-over-year, Q1 sales fell 27% from $956 million, reflecting pandemic impacts. Segment performance varied: High Performance Materials & Components saw a 43% drop in sales YoY, while Advanced Alloys & Solutions experienced a 16% decline. Cash on hand was $541.7 million.

Allegheny Technologies (NYSE: ATI) will host a conference call for financial results on April 29, 2021, at 8:30 a.m. ET, following the release of its first-quarter 2021 results. The call will be accessible via live internet broadcast on ATImetals.com, where presentation slides will also be available. A replay will be provided post-call on the same website. ATI, a $3 billion manufacturer, focuses on providing innovative materials solutions across various demanding applications.

The United Steelworkers (USW) announced a strike against ATI (NYSE: ATI) over unfair labor practices, set to begin at 7 a.m. EDT on March 30, 2021. The dispute involves negotiations for a labor agreement affecting approximately 1,300 union members across nine facilities. USW officials criticize ATI for attempting to enforce contract concessions and call for fair negotiations. The union emphasizes solidarity and collective action, stressing that workers have earned more respect and consideration after years of loyalty and hard work.

Allegheny Technologies reported Q4 2020 sales of $658 million, a 10% increase from Q3 2020, but a net loss of $1,121 million or $(8.85) per share. The adjusted net loss was $41.9 million or $(0.33) per share. The company faced restructuring charges of $1,079.1 million, primarily due to exiting low-margin products. Despite challenges, adjusted EBITDA grew 39% to $23 million, while cash reserves stood at $646 million. Outlook for 2021 is cautiously optimistic, anticipating a demand rebound in the second half as pandemic impacts lessen.

Allegheny Technologies Incorporated (NYSE: ATI) will offer live Internet access to its conference call on January 28, 2021, at 8:30 a.m. ET. This event follows the release of their fourth quarter and full-year 2020 financial results, which will be discussed during the call. Interested parties can access the call and presentation slides on ATImetals.com. A replay of the call will also be available on the same website, ensuring stakeholders have multiple opportunities to stay informed.

Allegheny Technologies (NYSE: ATI) reported Q3 2020 results with sales of $598 million and a net loss of $50.1 million, or $(0.40) per share. This is a significant drop from $1.0 billion in sales and $111 million net income in Q3 2019. Adjusted EBITDA fell to $16.6 million, down from $180.2 million a year earlier. Sales in the High Performance Materials & Components segment decreased 51% year-over-year. Despite these challenges, ATI reported a strong cash position of $572.2 million and expects gradual recovery in the aerospace sector.