Allegheny Tech beats by $0.08, reports revs in-line; provides FY17 outlook :
- Reports Q4 (Dec) loss of $0.04 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of ($0.12); revenues rose 7.7% year/year to $796 mln vs the $800.11 mln Capital IQ Consensus.
- Sales to the commercial jet engine market in the fourth quarter 2016 remained solid, and increased slightly compared to the third quarter 2016.
- Government aerospace and defense sales were also higher sequentially, while sales to the commercial airframe market were flat.
- Sales to the electrical energy market improved by 25%, and sales to the oil & gas market increased 9%, both off low levels.
- Sales of nickel-based and specialty alloys were 7% higher, and sales of precision forgings and castings increased 10%, both compared to the third quarter 2016.
- Sales of titanium and titanium alloys were 4% lower.
- Direct international sales represented over 46% of total segment sales for fourth quarter 2016.
- Outlook:
- "We expect 2017 to be another step in our continuing journey toward our goals of long-term profitable growth and consistently earning a premium to our cost of capital. Cash generation from operations will remain a key focus throughout 2017. We do not expect to pay any U.S. federal taxes in 2017 due to net operating loss carryforwards, and we intend to carefully balance our working capital and other cash needs with the pace of our capital expenditure requirements, pension funding requirements, and debt obligations. We expect 2017 capital expenditures to be approximately $125 million, including 2016 carryover and approximately $40 million for the expansion at our 60% owned Chinese joint venture, STAL. Beyond 2017, we continue to expect capital expenditures to average no more than $100 million annually for the next several years."
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