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Allegheny expects $17 million 2Q charge
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PITTSBURGH - Titanium producer Allegheny Technologies Inc. said Thursday it expects to take a charge of $17 million in the second quarter related to a pension trust contribution and costs from the retirement of $183.3 million of notes.
The company said it made a $350 million cash contribution to its U.S. defined benefit pension plan in June to improve the plan's funded position.
Excluding the charges of 17 cents per share, the company expects a profit of 3 cents per share.
Analysts surveyed by Thomson Reuters are expecting a profit of 13 cents per share. Analysts typically exclude one-time items from their estimates.
Shares fell $1.91, or 5.9 percent, to close at $30.23. The stock inched up 6 cents to $30.29 after hours.
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