ATI reports Q4 adjusted EPS 64c, consensus 62c

Reports Q4 revenue $1.06B, consensus $1.05B. “ATI delivered a strong finish to 2023, with the highest quarterly revenue of the year,” said Robert Wetherbee, CEO. “Full year sales grew by 9% over 2022 as demand for our differentiated materials accelerates. We made significant progress toward our strategy of aerospace and defense leadership, reaching 63% of total sales from those markets in the fourth quarter, up 10 percentage points over last year. We’re rapidly progressing toward our goal of 65%. Growth in aerospace and defense drove results in our HPMC segment, with full-year sales up 29% and EBITDA margins up significantly over the prior year. Full-year 2023 commercial airframe product sales in the segment were up 90% compared to the prior year, reflecting the strong demand for our materials as the aerospace ramp continues.”