Metals processor Allegheny Technologiessaid after US markets closed Thursday that it expects third-quarter and full-year earnings to be lower than estimates because of soft demand for stainless steel sheet.
Full-year 2007 earnings will be in the range of $7.00 to $7.25 per share, with third-quarter earnings in the range of $1.85 to $1.88 per share, the Pittsburgh-based company said.
Analysts currently expect $1.96 in the third quarter and $7.96 for the full year, according to Reuters Estimates.
Allegheny Technologies anticipates lower earnings for the second half of 2007 because of higher inventories at certain mills and depots and volatile raw material costs.
In addition, it expects the fourth quarter to be further affected by continuing low operating volumes in its flat-rolled products segment.