ATI reports Q3 adjusted EPS 60c, consensus 66c

Reports Q3 revenue $1.05B, consensus $1.12B. “Our Q3 results reflected year-over-year growth in sales and EBITDA, yet this rate of growth fell short of our expectati (ATI)ons,” said CEO Kimberly Fields. “We remain confident in both long-term demand and our ability to deliver for our customers and shareholders. We’re actively addressing uncertainty across our aerospace customer base due to an industry-wide slowing of the aircraft production ramp, exacerbated by a work stoppage in the supply chain. These impacts, along with unplanned outages and transportation issues related to Hurricane Helene, delayed certain shipments during Q3. As we proactively address these challenges in demand and production, we are focusing on those areas within our control, targeting improved performance for the remainder of 2024 and beyond. In terms of operating efficiency, we were pleased to see consolidated adjusted EBITDA margin, as a percentage of sales, increase 100 basis points over the second quarter. We also announced the early redemption of our 2025 Convertible Notes and a new $700M share repurchase authorization, delivering on our commitment to deleverage our balance sheet and return cash to shareholders”.