ATI Inc. (ATI, Financial) announced its third-quarter 2023 results on November 2, 2023. The company reported sales of $1.03 billion and a net income attributable to ATI of $75.7 million, or $0.52 per share. This represents a 24% increase in net income compared to Q3 2022. The company's aerospace and defense segment contributed significantly to this growth, accounting for 61% of Q3 2023 sales, up from 51% in the same period last year.
Financial Highlights
ATI's Q3 2023 adjusted net income was $79.7 million, with an adjusted earnings per share of $0.55. The company's adjusted EBITDA for the quarter was $148.1 million, or 14.4% of sales. This is a slight decrease from Q2 2023, where ATI reported an adjusted EBITDA of $149.8 million, or 14.3% of sales.
ATI's High Performance Materials & Components (HPMC) segment reported Q3 2023 sales of $539.5 million, up 18% compared to Q3 2022. The segment's EBITDA was $115.7 million, or 21.5% of sales. The Advanced Alloys & Solutions (AA&S) segment reported Q3 2023 sales of $486.1 million, a decrease compared to Q3 2022. The segment's EBITDA was $50.4 million, or 10.4% of sales.
Company Performance and Future Outlook
ATI's CEO, Robert S. Wetherbee, commented on the company's performance, stating,
ATI’s growth as an aerospace and defense leader continues. As demand accelerates, the percentage of our revenue attributed to aerospace and defense reached 61%, up 10 percentage points over last year."He further added that the company expects sequential and year-over-year ATI earnings growth in the fourth quarter, led by the HPMC segment.
ATI also reported that it repurchased $45 million of common stock at an average price of $43.93 in Q3 2023, retiring approximately 1.0 million shares. As of September 30, 2023, the total share repurchase authorization available was $30 million.
For the full financial details, please refer to the official ATI Inc. website.
Explore the complete 8-K earnings release (here) from ATI Inc for further details.
