ATI reports Q1 adjusted EPS 48c, consensus 41c

Reports Q1 revenue $1.04B, consensus $1.03B. “ATI delivered a strong start to 2024,” said CEO Robert Wetherbee. “Year-over-year growth in aerospace and defense sales drove results across ATI, with Q1 aerospace and defense sales up 7% over the prior year. Additionally, strong demand continues for our advanced specialty alloys that deliver ‘aero-like’ margins. We exceeded expectations for adjusted earnings per share as the team delivered excellent performance across ATI. We moved past the outages and weather impacts that shaped our guidance for the first quarter. Our focus on improving working capital intensity delivered significant improvements in year-over-year free cash flow performance. Our strong balance sheet enabled us to fully deploy $150M of authorized share repurchases in Q1 of 2024.”