Solving the World's Challenges through Materials Science
ATI (NYSE: ATI) is a $3 billion global manufacturer solving the world's most difficult challenges through materials science; advanced, integrated process technologies; and relentlessly innovative people. We serve customers whose demanding applications need to fly higher, dig deeper, stand stronger, and last longer— anywhere on, above, or below the earth. We partner to create new specialty materials in forms that deliver ultimate performance and long-term value in applications like jet engine forgings and 3D-printed aerospace components. We produce powders for forging and additive manufacturing; rolled materials, and finished components. Our specialty materials withstand extremes of temperature, stress and corrosion to improve and protect human lives every day. Learn more at ATIMetals.com.
Allegheny Technologies Incorporated and Subsidiaries | |||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||
(Unaudited, dollars in millions, except per share amounts) | |||||||||||||||||||
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| Three Months Ended |
| Six Months Ended | ||||||||||||||||
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| June 30 |
| March 31 |
| June 30 |
| June 30 |
| June 30 | ||||||||||
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| 2021 |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||||||||
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Sales | $ | 616.2 |
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| $ | 692.5 |
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| $ | 770.3 |
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| $ | 1,308.7 |
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| $ | 1,725.8 |
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Cost of sales | 573.5 |
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| 606.7 |
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| 695.6 |
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| 1,180.2 |
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| 1,516.3 |
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Gross profit | 42.7 |
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| 85.8 |
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| 74.7 |
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| 128.5 |
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| 209.5 |
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Selling and administrative expenses | 60.2 |
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| 54.0 |
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| 44.4 |
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| 114.2 |
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| 102.8 |
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Impairment of goodwill | — |
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| — |
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| 287.0 |
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| — |
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| 287.0 |
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| Restructuring charges (credits) | (6.2) |
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| — |
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| 16.7 |
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| (6.2) |
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| 24.7 |
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| Operating income (loss) | (11.3) |
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| 31.8 |
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| (273.4) |
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| 20.5 |
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| (205.0) |
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| Nonoperating retirement benefit expense | (6.8) |
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| (6.8) |
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| (11.2) |
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| (13.6) |
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| (22.4) |
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| Interest expense, net | (23.7) |
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| (23.4) |
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| (21.7) |
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| (47.1) |
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| (43.6) |
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| Debt extinguishment charge | — |
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| — |
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| (21.5) |
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| — |
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| (21.5) |
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| Other income (expense), net | 1.4 |
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| 1.5 |
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| 0.5 |
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| 2.9 |
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| (0.4) |
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| Income (loss) before income taxes | (40.4) |
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| 3.1 |
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| (327.3) |
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| (37.3) |
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| (292.9) |
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| Income tax provision | 4.0 |
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| 5.5 |
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| 92.6 |
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| 9.5 |
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| 103.4 |
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| Net loss | $ | (44.4) |
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| $ | (2.4) |
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| $ | (419.9) |
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| $ | (46.8) |
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| $ | (396.3) |
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| Less: Net income attributable to noncontrolling interests | 4.8 |
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| 5.5 |
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| 2.7 |
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| 10.3 |
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| 5.2 |
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| Net loss attributable to ATI | $ | (49.2) |
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| $ | (7.9) |
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| $ | (422.6) |
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| $ | (57.1) |
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| $ | (401.5) |
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| Basic net loss attributable to ATI per common share | $ | (0.39) |
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| $ | (0.06) |
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| $ | (3.34) |
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| $ | (0.45) |
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| $ | (3.18) |
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| Diluted net loss attributable to ATI per common share | $ | (0.39) |
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| $ | (0.06) |
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| $ | (3.34) |
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| $ | (0.45) |
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| $ | (3.18) |
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