The following is a summary of the ATI, Inc. (ATI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ATI delivered an adjusted earnings per share for Q1 2024 of $0.48, exceeding their estimated range.

• Revenue for Q1 2024 exceeded $1 billion for the seventh consecutive quarter.

• Advanced Alloys & Solutions led the quarter with a 14% EBITDA margin.

• Significant Q1 improvements over the prior year were seen for free cash flow.

• 2024 EPS guidance has been increased due to strong demand and a healthy pricing environment.

• The company estimates Q2 adjusted EPS in the range of $0.54 to $0.60 and adjusted EBITDA to be between $170 million and $180 million.

• For the full year, adjusted EPS is expected to be in the range of $2.30 to $2.60.

Business Progress:

• Strong demand is being seen for ATI's aerospace and defense products.

• The company's market presence is broadening, with production for all major commercial airframes and jet engine programs.

• Record-breaking quarter observed for the Forged Products business unit, delivering the highest revenue in ATI's history.

• New infrastructure commissioned, including a 12,500-tonne billet press.

• Positive growth expected from commercial launch firms targeting 100 launches in 2024.

• Kimberly Fields is appointed as the new CEO as of the 1st of July.

• EBITDA margin expected to rise for the remaining year.

• Firm's HPMC margins predicted to rise over the year, exceeding 20% by Q2, and reaching around 23% by Q4.

• Growth forecasted in Aerospace and Defense and Aero Like product offerings.

• Capital is being allocated for share repurchases in balance with investing for growth and de-levering.

More details: ATI Inc IR

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