Allegheny Technologies Inc. (ATI) posted record sales in the second quarter thanks to strong demand for its aerospace, exotic alloy, engineered and specialty steel products.

Net income for the three months ended June 30 more than tripled to $91.7 million compared with the same period last year on sales that rose 39.9 percent to $904.2 million. For the first half of the year, the company posted net income of $152.7 million in contrast to a net loss of $23.8 million a year earlier on a 45.7-percent increase in sales to $1.78 billion.

"We remain confident about the prospects for ATI and continue to build a foundation for further growth," said L. Patrick Hassey, chairman, president and chief executive officer of the Pittsburgh-based company.

While demand was strong for nickel-based alloys, specialty steels and titanium products from the oil and gas, electrical energy, aerospace and chemical processing markets, the company said inventory management actions at service centers and in the supply chain resulted in reduced shipments of stainless sheet and engineered strip.

Hassey said he believes ATI's second-half earnings performance will be similar to the first half, although third-quarter earnings are likely to be lower than the fourth quarter due to normal seasonal slowing in the flat-rolled products segment.

"We expect to see reduced shipments of stainless commodity products through most of the third quarter from continuing inventory management actions throughout the supply chain," he said. "We are taking action in our flat-rolled products business to reduce inventory and are encouraged by published reports that many global stainless steel producers also are adjusting their production to market demand."