PITTSBURGH (AP) _ Allegheny Technologies Inc. (ATI) on Tuesday reported a second-quarter loss of $422.6 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Pittsburgh-based company said it had a loss of $3.34. Losses, adjusted for asset impairment costs and pretax expenses, came to 2 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The maker of steel and specialty metals posted revenue of $770.3 million in the period.
Allegheny Technologies shares have dropped 57% since the beginning of the year, while the Standard & Poor’s 500 index has risen 2%. The stock has fallen 58% in the last 12 months.