Allegheny Technologies today reported a $33.8 million loss for the third quarter, in line with the revised forecast the Pittsburgh specialty metals producer issued last week.
The loss amounted to 32 cents per diluted share and came on sales of $972.4 million, down 14 percent from a year ago.
The results included a loss of 5 cents per share from operations the company is divesting or discontinuing, including the tungsten materials business it is selling to Kennametal, a Latrobe toolmaker. The loss from continuing operations amounted to 27 cents per share, at the lower end of the range the company forecast Oct. 14.
In the year-ago quarter, Allegheny Technologies reported profit of $35.3 million, or 32 cents per share.
"Challenging conditions continued in the third quarter ... and we expect business conditions to remain challenging through the remainder of 2013," chairman, president and CEO Rich Harshman said in a statement.
Mr. Harshman said the loss came despite $123.4 million in cost reductions the company achieved in the first nine months of the year, well ahead of the $100 million in savings it had targeted for the entire year.
He said the company expects to record "a significant gain" in the fourth quarter from the $605 million sale of the tungsten business.
The results were disclosed before the market opened. Allegheny Technologies shares closed Tuesday at $32.79, up 75 cents. They are up 8 percent this year.
Len Boselovic: firstname.lastname@example.org or 412-263-1941.