Specialty metals company, Allegheny Technologies Incorporated (ATI) expects the commercial aerospace sector, the company’s main customer to continue stabilizing in the fourth quarter.
The company’s net sales in the first nine months of the year fell to $$2.3bn from $3.1bn during the nine-month timeframe in 2019. Its net sales in the third quarter of 2020 fell to $598mn from $1bn in Q3 2019 and from $770.3mn in Q2 2020 due to weakness in the commercial aerospace industry, which was significantly impacted by the COVID-19 pandemic.
ATI’s net loss stood at $451.6mn in the January-September period compared with a net profit of $201.1mn during the same nine-month period in 2019. The net loss attributable to ATI in the third quarter stood at $50.1mn compared with a profit of $111mn in Q3 2019 but significantly lower than the $422.6mn loss posted by the company in Q2 2020.
The firm’s adjusted EBITDA in Q3 2020 fell to $16.6mn compared with $180.2mn in Q3 2019.