ATI Q1 2024 Earnings Report
Key Takeaways
ATI's Q1 2024 sales were $1.04 billion, with a net income of $66.1 million, or $0.46 per share. Aerospace and defense sales increased by 7% year-over-year, representing $616 million of the total sales. The company also executed $150 million in share repurchases.
Aerospace and defense sales drove results across ATI, increasing 7% year-over-year.
ATI exceeded expectations for adjusted earnings per share due to excellent performance.
Focus on improving working capital intensity delivered significant improvements in year-over-year free cash flow performance.
Strong balance sheet enabled full deployment of $150 million of authorized share repurchases.
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ATI Revenue by Segment
Forward Guidance
ATI's outlook continues to be strong and is supported by a robust backlog of commercial aircraft orders. The company is well positioned to continue its organic growth and margin expansion.
Positive Outlook
- Continued demand in core markets
- Increasing production capacity
- Clear path for achieving robust 2024 and 2025 financial targets
- Exceeding $5 billion in revenue by 2027
- Exceeding $1 billion in adjusted EBITDA by 2027