Allegheny Technologies Inc. (ATI) has announced its new Senior Vice President and Chief Financial Officer (CFO).
Per the announcement, Patrick J. DeCourcy will be the company’s Senior Vice President, Finance, and CFO. DeCourcy, who had been serving as an Interim CFO, joined Allegheny Technologies in 1988. He had been in charge of various finance leadership positions in Allegheny’s flat-rolled products operations. Prior to joining Allegheny, DeCourcy worked in the audit division of Ernst & Young LLP.
DeCourcy will be responsible for managing all the finance-related matter for Allegheny Technologies. He will also supervise internal and external reporting, treasury, tax planning and compliance, internal audit, investor relations, internal control systems and processes. His work will also include strategic sourcing and information technologies shared services, and pension investment management oversight.
Allegheny, which belongs to the specialty steel industry along with RTI International Metals, Inc. (RTI), reported loss from continuing operations of 27 cents per share in the third quarter 2013 versus a profit of 29 cents a year ago. Adjusted loss from continuing operations was 23 cents per share, narrower than the Zacks Consensus Estimate loss of 28 cents. Revenues dropped 14% year over year to $972 million, missing the Zacks Consensus Estimate of $1,051 million.
Allegheny expects business conditions to remain challenging through the end of 2013 and to potentially continue in 2014, due to the U.S. debt ceiling and other fiscal policy issues. The business environment is likely to remain challenging through the final quarter of 2013 given the uncertain economic condition.
Moreover, weak demand from the jet engine aftermarket and nuclear energy is expected to continue affecting Allegheny’s results. Demand for forging from the construction and mining markets also remains soft.
Allegheny currently holds a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the basic materials sector include United States Steel Corp. (X) and Worthington Industries, Inc. (WOR). Both have a Zacks Rank #2 (Buy).
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