ATI Inc. (NYSE: ATI) stock plummeted by 9.47% on October 29, 2024, after the company reported disappointing third-quarter 2024 earnings results and lowered its full-year guidance.
The specialty materials and solutions provider missed analyst estimates for both earnings and revenue in Q3 2024. ATI reported adjusted earnings per share of $0.60, falling short of the consensus estimate of $0.66 by 9.09%. The company's revenue of $1.051 billion also came in lower than the expected $1.124 billion, missing the mark by 6.47%.
ATI's Q3 2024 earnings per share declined by 6.25% year-over-year, despite a modest 2.44% increase in revenue compared to the same period last year. The company attributed the weaker-than-expected performance to industry-wide challenges and uncertainty, including a slowing aircraft production ramp-up and supply chain disruptions caused by factors like a work stoppage and transportation issues related to Hurricane Helene.
In response to the challenging environment, ATI lowered its full-year 2024 guidance. The company now expects adjusted earnings per share in the range of $2.24 to $2.30, down from the previous estimate of $2.40 to $2.60. ATI also cut its adjusted EBITDA guidance to $700 million to $710 million, from the previous range of $720 million to $750 million.
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