After ATI Inc. (NYSE:ATI) posted lower-than-expected Q3 earnings and revenues while reducing its full-year projection, shares of the company sank 10.04% to a four-month low on Tuesday. ATI's shares dropped 9.8% in early trading, a reflection of market uncertainty about the adjusted forecast. ATI said net income of $82.7 million, or $0.57 per share, for Q3, down from $90.2 million, or $0.62 per share, compared to the same time last year. Revenues rose 2% year over year to $1.05 billion, below market estimates.

• Warning! GuruFocus has detected 7 Warning Sign with ATI.

Under the consensus forecast of $2.46, the business reduced its full-year 2024 guidance for adjusted earnings to a range of $2.24 to $2.30 per share. This is a drop from ATI's earlier estimate of $2.40 to $2.60 per share. From its previous range of $720 million to $750 million, the company also cut its adjusted EBITDA projection to $700 million +/-. Free cash flow projections dropped equally to $220 million to $300 million. ATI changed their annual anticipated capital investment range, raising the lower end from $190 million-$230 million from $190 million +/- previously. Challenges from a slower aircraft manufacturing ramp, supply chain interruptions, and delays brought on by Hurricane Helene' were mentioned by CEO Kimberly Fields, in spite of these challenges, demand in ATI's end markets still remains strong.