Allegheny Teledyne Comments on Earnings Outlook.PITTSBURGH--(BUSINESS WIRE)--Sept. 23, 1998--Richard P. Simmons, chairman, president and chief executive officer of Allegheny Teledyne Incorporated (NYSE NYSE See: New York Stock Exchange :ALT (character) alt - /awlt/ 1. The alt modifier key on many keyboards, including the IBM PC. On some keyboards and operating systems, (but not the IBM PC) the alt key sets bit 7 of the character generated. See bucky bits. 2. ), said today that the company's earnings before special items for the quarter ending September 30, 1998 may fall slightly short of 1997's third quarter earnings before special items of $.35 per share. Speaking today at an investor conference in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Simmons indicated the company's third quarter 1998 results have been affected by the overall weaker business conditions cited at the time of the company's second quarter earnings release. "We have seen indications of a slowdown in many of our commercial lines of business as further impact of the Asian financial crisis, the leveling-off of commercial aerospace production, lower spending on capital goods Capital Goods Any goods used by an organization to produce other goods. Notes: Examples of capital goods include office buildings, equipment, and machinery. See also: Capital Expenditure, Disinvestment Capital goods , and the effect of the now settled General Motors strike ripple through the economy," Simmons said. Simmons also noted that prices for commodity stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. products have stabilized during the third quarter and orders remain good. He stated that stable prices combined with lower costs, including raw materials, may result in the first favorable quarter over quarter comparison for the company's stainless steel business since the third quarter of 1995. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. related to revenues, earnings and costs. Actual results could differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in the company's filings with the Securities and Exchange Commission, including its report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 1998. Allegheny Teledyne Incorporated is a group of technology-based manufacturing companies with significant concentration in specialty metals, complemented by aerospace and electronics, industrial, and consumer products. Allegheny Teledyne's web site can be found at http://www.alleghenyteledyne.com. |
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