Allegheny Technologies Incorporated has reported net income for the second quarter 2011 of USD 64 on sales of USD 1.35 billion. Results included acquisition related expenses of USD 12.7 million, net of tax, primarily related to inventory fair value adjustments and transaction costs. Excluding these items, net income was USD 76.7 million on sales of USD 1.35 billion and 113.5 million diluted shares. In the second quarter 2010, ATI reported net income of USD 36.4 million on sales of USD 1.05 billion.

On May 9th 2011, ATI completed the acquisition of Ladish Co Inc for USD 897.6 million, comprised of the issuance of 7.3 million shares of ATI common stock and payment of USD 24.00 per Ladish share in cash. ATI Ladish results are included in the High Performance Metals segment from the date of the acquisition.

For the six months ended June 30th 2011, net income was USD 120.3 million on sales of USD 2.58 billion. Year to date 2011 results included USD 18.5 million of special items, including USD 3.1 million, net of tax, related to the accelerated recognition of equity based compensation expense due to executive retirements, a discrete tax charge of USD 2.7 million primarily related to foreign income taxes, and USD 12.7 million, net of tax, in Ladish acquisition related items. Excluding these special items, net income was USD 138.8 million for the first six months of 2011.

For the six months ended June 30th 2010, net income, including special charges, was USD 54.6 million. Results included a non recurring tax charge of USD 5.3 million related to the Patient Protection and Affordable Care Act. Excluding this non recurring tax charge, net income was USD 59.9 million, on sales of USD 1.95 billion.

Mr Rich Harshman, chairman, president & CEO of Allegheny Technologies said that "We continue to see strong secular growth in our key global markets. In the second quarter 2011, sales increased 28% compared to the same period in 2010 and increased 10% compared to the first quarter 2011."

In USD million