ATI (NYSE:ATI) -9.8% in early trading Tuesday after reporting lower than expected Q3 adjusted earnings and revenues, and cutting guidance for the full year that also misses analyst estimates.

Q3 net income fell to $82.7M, or $0.57/share, from $90.2M, or $0.62/share, and revenues rose 2% Y/Y to $1.05B.

ATI (ATI) lowered its FY 2024 guidance for adjusted earnings to $2.24-$2.30/share, below $2.46 analyst consensus estimate, from its previous outlook for $2.40-$2.60/share, and adjusted EBITDA of $700M-$710M, down from previous guidance of $720M-$750M, as well as free cash flow of $220M-$300M, down from $260M-$340M.

ATI (ATI) also raised the lower end of its planned capital spending range for the year to $210M-$230M from $190M-$230M previously.

CEO Kimberly Fields said the company has been hit by an industry-wide slowing of the aircraft production ramp, exacerbated by a work stoppage in the supply chain, as well as unplanned outages and transportation issues related to Hurricane Helene, which delayed certain shipments during the quarter.

Q3 "presented challenges and we expect to continue to see uncertainty with our most critical customers through the remainder of 2024 and first part of 2025," President and CEO Kimberly Fields said, adding that demand in the company's end markets remains "very strong."