Delaware | 1-12001 | 25-1792394 | ||
(State or other jurisdiction of | (Commission | (IRS Employer | ||
incorporation) | File Number) | Identification No.) | ||
1000 Six PPG Place, Pittsburgh, Pennsylvania | 15222-5479 | |
(Address of principal executive offices) | (Zip Code) |
Segment Operating Profit (dollars in millions) | |||||||||||||||||||
For the six months | For the three months ended | ||||||||||||||||||
ended June 30, | June 30, | March 31, | June 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2015 | 2014 | |||||||||||||||
Sales: | |||||||||||||||||||
High Performance Materials & Components | $ | 1,053.9 | $ | 998.5 | $ | 511.1 | $ | 542.8 | $ | 514.1 | |||||||||
Flat Rolled Products | 1,094.1 | 1,107.8 | 511.4 | 582.7 | 604.9 | ||||||||||||||
Total sales | $ | 2,148.0 | $ | 2,106.3 | $ | 1,022.5 | $ | 1,125.5 | $ | 1,119.0 | |||||||||
Operating Profit (Loss): | |||||||||||||||||||
High Performance Materials & Components | $ | 117.3 | $ | 108.7 | $ | 44.4 | $ | 72.9 | $ | 52.7 | |||||||||
% of sales | 11.1 | % | 10.9 | % | 8.7 | % | 13.4 | % | 10.3 | % | |||||||||
Flat Rolled Products | (30.0 | ) | (38.8 | ) | (23.2 | ) | (6.8 | ) | (5.6 | ) | |||||||||
% of sales | (2.7 | )% | (3.5 | )% | (4.5 | )% | (1.2 | )% | (0.9 | )% | |||||||||
Total operating profit | 87.3 | 69.9 | 21.2 | 66.1 | 47.1 | ||||||||||||||
% of sales | 4.1 | % | 3.3 | % | 2.1 | % | 5.9 | % | 4.2 | % | |||||||||
LIFO and net realizable value reserves | 0.2 | (2.9 | ) | 0.2 | — | (2.9 | ) | ||||||||||||
Corporate expenses | (22.9 | ) | (25.9 | ) | (10.1 | ) | (12.8 | ) | (13.0 | ) | |||||||||
Closed company and other expenses | (12.1 | ) | (12.9 | ) | (6.1 | ) | (6.0 | ) | (6.1 | ) | |||||||||
Restructuring costs | — | — | — | — | — | ||||||||||||||
Interest expense, net | (53.5 | ) | (57.6 | ) | (26.8 | ) | (26.7 | ) | (28.5 | ) | |||||||||
Income (loss) from continuing operations before income taxes | $ | (1.0 | ) | $ | (29.4 | ) | $ | (21.6 | ) | $ | 20.6 | $ | (3.4 | ) | |||||
For the year ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Sales: | |||||||||||||||||||
High Performance Materials & Components | $ | 2,006.8 | $ | 1,944.8 | $ | 2,314.0 | $ | 2,081.0 | $ | 1,422.8 | |||||||||
Flat Rolled Products | 2,216.6 | 2,098.7 | 2,352.9 | 2,731.3 | 2,343.4 | ||||||||||||||
Total sales | $ | 4,223.4 | $ | 4,043.5 | $ | 4,666.9 | $ | 4,812.3 | $ | 3,766.2 | |||||||||
Operating Profit (Loss): | |||||||||||||||||||
High Performance Materials & Components | $ | 234.8 | $ | 159.6 | $ | 315.7 | $ | 367.7 | $ | 230.2 | |||||||||
% of sales | 11.7 | % | 8.2 | % | 13.6 | % | 17.7 | % | 16.2 | % | |||||||||
Flat Rolled Products | (47.0 | ) | (147.8 | ) | 19.7 | 136.0 | 103.8 | ||||||||||||
% of sales | (2.1 | )% | (7.0 | )% | 0.8 | % | 5 | % | 4.4 | % | |||||||||
Total operating profit | 187.8 | 11.8 | 335.4 | 503.7 | 334.0 | ||||||||||||||
% of sales | 4.4 | % | 0.3 | % | 7.2 | % | 10.5 | % | 8.9 | % | |||||||||
LIFO and net realizable value reserves | 0.3 | 45.9 | 75.6 | 25.9 | (54.8 | ) | |||||||||||||
Corporate expenses | (49.6 | ) | (48.9 | ) | (75.6 | ) | (98.1 | ) | (69.3 | ) | |||||||||
Closed company and other expenses | (28.3 | ) | (30.9 | ) | (31.5 | ) | (17.1 | ) | (23.0 | ) | |||||||||
Restructuring costs | — | (67.5 | ) | — | — | — | |||||||||||||
Interest expense, net | (108.7 | ) | (65.2 | ) | (71.6 | ) | (92.3 | ) | (62.7 | ) | |||||||||
Income (loss) from continuing operations before income taxes | $ | 1.5 | $ | (154.8 | ) | $ | 232.3 | $ | 322.1 | $ | 124.2 |
ALLEGHENY TECHNOLOGIES INCORPORATED | ||||
By: | /s/ Patrick J. DeCourcy | |||
Patrick J. DeCourcy | ||||
Senior Vice President, Finance and Chief Financial Officer | ||||
Dated: | October 6, 2015 |
• | A LIFO inventory valuation benefit of approximately $76 million, pretax; |
• | An offsetting $76 million pretax non-cash charge for Net Realizable Value (NRV) inventory reserves, which are required to offset ATI’s aggregate net debit LIFO inventory balance that exceeds current inventory replacement cost; |
• | A non-cash charge for income tax valuation allowances of approximately $65 million, net of tax, as a result of a three year cumulative loss from U.S. operations. |