ATI Q4 2020 Earnings Report
Key Takeaways
ATI reported Q4 2020 results with sales of $658 million and a net loss of $1,121.0 million, or $(8.85) per share, including $1,079.1 million of restructuring and other charges. On an adjusted basis, the net loss was $41.9 million, or ($0.33) per share, with adjusted EBITDA of $23.0 million.
Sales of $658 million, up 10% over Q3 2020.
Net loss attributable to ATI of $1,121.0 million, or $(8.85) per share; adjusted net loss of $41.9 million, or $(0.33) per share.
Restructuring and other charges, including previously announced non-cash asset impairments and related tax impacts, of $1,079.1 million, or $(8.52) per share.
Adjusted EBITDA of $23.0 million, up 39% over Q3 2020.
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Forward Guidance
ATI anticipates a continued difficult market environment in Q1 2021 due to the Covid-19 resurgence and low global air passenger travel rates, but is optimistic about a demand rebound in the second half of the year driven by increasing narrow-body engine production volumes and new business in airframes.
Positive Outlook
- Demand is expected to improve in the second half of the year.
- Increase in narrow-body engine production volumes.
- ATI's jet engine-related share gains.
- New business in airframes.
- Focused on delivering operational excellence for customers.
Challenges Ahead
- Continued difficult market environment driven by the Covid-19 resurgence.
- Relatively low rates of global air passenger travel.
- First quarter 2021 compares to a robust pre-pandemic quarter.
- Market conditions remain challenging.
- Ongoing transformation of specialty rolled business.