Discouraging Third-Quarter Results for Allegheny Technologies; Flat-Rolled Operations Unprofitable
Allegheny Technologies' shares moved sharply lower on Oct. 25 after the company's disappointing third-quarter earnings release. Allegheny's flat-rolled operations were unprofitable yet again and, although we were pleased that the High Performance Materials & Components (HPMC) segment delivered healthy margin expansion, HPMC sales fell short of our prior expectations. Accordingly, we've tempered our sales forecasts through the end of the decade, leading to a 6% reduction to our midcycle EBITD...Allegheny Technologies is a manufacturer of specialty materials and components. The company operates in two business segments: High Performance Materials and Components, which produces a range of specialty materials, parts and components for several main end markets, including aerospace and defense, medical, and energy; and Flat Rolled Products, which produces nickel-based alloys, specialty alloys, titanium and titanium-based alloys, and stainless steel in a variety of forms including plate, sheet, engineered strip, and Precision Rolled Strip? products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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