Allegheny Technologies 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. In the year-ago quarter, the company reported net income of $35.3 million, or 32 cents per share. The company blamed lackluster growth in the United States and Europe.
Shares of MSA fell 5 percent Wednesday after the Cranberry safety products maker reported third-quarter profits below analyst estimates. Net income totaled $19.5 million, or 52 cents per share, on sales of $278.2 million. In the year-ago quarter, MSA reported net income of $19.2 million, or 51 cents per share, on sales of $286.6 million. Analysts surveyed by Bloomberg have forecast earnings of 70 cents per share on sales of $299 million.
First Commonwealth Financial
First Commonwealth Financial saw third-quarter profits jump 61 percent to $15.9 million from $9.8 million a year earlier as the Indiana, Pa.-based bank set aside less money to cover bad loans. Per-share earnings were 16 cents vs. 9 cents. Net interest income, essentially profit on loans, edged up 1 percent in the quarter to $47.2 million, while noninterest income slipped 4 percent to $17.1 million.
The provision for loan losses was $2.7 million, down from $6.8 million last year. The bank said a technology system conversion, which is expected to save the company $6 million to $8 million annually, will result in $12 million in charges against earnings starting in the fourth quarter through the anticipated conversion date in the second or third quarter next year.
A bribery scandal in China has resulted in a 61 percent third-quarter drop in pharmaceutical and vaccine sales there for GlaxoSmithKline, although CEO Andrew Witty reiterated Wednesday that "we remain fully committed to supplying our products to patients in the country." Chinese officials have accused Glaxo staff in China of funneling millions of dollars through travel agencies as bribes for physicians and officials, activity which Mr. Witty called "very serious and totally unacceptable."
The slumping sales in China resulted in overall flat third-quarter sales of $10.5 billion for the British drugmaker, which has about 450 employees in the Pittsburgh region.
Thermo Fisher Scientific
Scientific instrument-maker Thermo Fisher Scientific saw its adjusted earnings per share grow 9 percent in the third quarter from $1.19 to $1.30 compared with the same period a year earlier, as revenue for the three months ending Sept. 28 grew 3 percent to $3.19 billion. Adjusted operating income was up 8 percent from a year ago. Thermo Fisher, based in Waltham, Mass., employs about 1,600 workers locally.
Higher taxes lowered US Airways' third-quarter profit, but the airline still beat Wall Street expectations on a combination of more traffic and higher average fares. On Wednesday, US Airways Group Inc. said net income was $216 million, or $1.04 per share, for the quarter ended Sept. 30. That's down 12 percent from $245 million, or $1.24 per share, a year earlier. Revenue rose 9 percent to $3.86 billion. US Airways is attempting to merge with AMR Corp., the parent of American Airlines, but the U.S. government has sued the companies to block the deal.