Allegheny Technologies Inc.
) has announced its new Senior Vice President and Chief Financial
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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 &
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
RTI International Metals, Inc.
), 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
Allegheny currently holds a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the basic materials sector include
United States Steel Corp.
Worthington Industries, Inc.
). Both have a Zacks Rank #2 (Buy).