Specialty metals company Allegheny Technologies (NYSE:ATI) Wednesday said net income for the fourth quarter was $31.7 million, or $0.29 per share, compared to $15.1 million or $0.15 per share a year earlier.
The company noted that fourth quarter results were impacted by restructuring and acquisition expenses, which reduced earnings by $2.8 million, or $0.02 per share.
Still, results were below estimates as on average, analysts polled by Thomson Reuters expected the company to earn $0.54 per share.
Revenue for the three months that ended December 31 grew to $1.25 billion from $1.04 billion in the prior year, short of analyst expectations for revenues of $1.30 billion.
Allegheny's chairman, president and chief executive officer, Rich Harshman, said: "Our fourth quarter 2011 results were impacted by significantly lower demand and historically low base prices for our standard stainless products.
"In addition, demand for some of our high-value products in both the High Performance Metals and Flat-Rolled Products segments was impacted by short-term actions to keep inventories lean, which was partially driven by the expectation of lower raw material surcharges in the first quarter 2012."
Looking ahead, the company said it expects revenue growth of at least 10 percent in 2012 and operating profit in the range of 13 to 14 percent of sales.