Allegheny Technology reported sharply lower profits for the fourth quarter and all of 2012, citing global economic uncertainty that prompted customers to lighten up on their inventories.
The specialty metals producer said fourth quarter profits totalled $10.5 million, or 10 cents per share vs. earnings of $31.7 million, or 29 cents per share, in the year-ago quarter. Sales fell 12 percent to $1.1 billion.
Analysts were forecasting profits of 14 cents per share and sales of $1.1 billion.
The results included an aftertax charge of $8.8 million, or 8 cents per share, to close an iron casting plant in Alpena, Mich.
For all of 2012, Allegheny Technologies earned $158.4 million, or $1.43 per share, vs. 2011 earnings of $214.3 million, or $1.97 per share. Sales fell 3 percent to $5.03 billion.
In a press release, Chairman, President and CEO Rich Harshman said he expects business will remain soft before gradually improving later this year.
"We believe conditions in the first quarter, and perhaps the first half, of 2013 are likely to remain challenging," he said.
The results were disclosed before Wall Street trading began. Allegheny Technology shares closed Tuesday at $30.57, up 68 cents.
Len Boselovic: firstname.lastname@example.org or 412-263-1941.