The Achievement Continues the Company's Streak in Earning the Rating Annually Since the Program Debuted in 2019BOLINGBROOK, Ill., Nov. 13, 2024 /PRNewswire/ -- ATI Physical Therapy ("ATI" or the "Company") today has again earned the "Exceptional" rating from the Center for Medicare and Medicaid Services' (CMS) Merit-Based Incentive Payment System (MIPS) for quality patient care. ATI received the exceptional rating for the fifth consecutive year, every year since the program's inception for physical therapy ...

Sharpens focus on strategic aerospace and defense markets, streamlines operations DALLAS, Nov. 6, 2024 /PRNewswire/ -- ATI Inc. (NYSE: ATI) announced it completed the sale of its precision rolled strip operations in New Bedford, Massachusetts and Remscheid, Germany to Ulbrich Stainless Steels and Special Metals, Inc. (Ulbrich)."With this divestiture, ATI sharpens its focus on providing our aerospace and defense customers with the titanium, nickel, and alloyed products that are rolled, melted and/or finished ...

BOLINGBROOK, Ill., Nov. 4, 2024 /PRNewswire/ -- ATI Physical Therapy, Inc. (NYSE: ATIP) ("ATI" or the "Company"), a nationally recognized outpatient physical therapy provider in the United States, today reported financial results for the third quarter ended September 30, 2024."Our consistent efforts to provide access to quality treatment for our patients underscores our strong operational performance in the third quarter," said Sharon Vitti, Chief Executive Officer of ATI. "We continue to see year-over-year ...

Core Insights - Appili Therapeutics has received positive feedback from the FDA regarding the development strategy for ATI-1801, a topical formulation of paromomycin for treating cutaneous leishmaniasis, which is a significant step towards submitting a New Drug Application (NDA) [1][2][8] Development Strategy - The FDA's agreement on the proposed strategy allows Appili to utilize key results from previous clinical trials, including a successful Phase 3 study, to expedite the NDA submission process [2][3] - The strategy includes developing an in-vitro release test (IVRT) method and manufacturing a new reference standard to support the scientific bridge to prior studies, which will facilitate a quicker NDA submission [2] Product Information - ATI-1801 has received Orphan Drug Designation from the FDA for certain forms of cutaneous leishmaniasis and is being evaluated for eligibility for a priority review voucher (PRV) [4] - The product has demonstrated safety and efficacy across multiple Phase 2 and Phase 3 studies, offering a non-invasive treatment option that can be administered in an outpatient setting [8] Transaction Details - Appili has entered into an arrangement agreement with Aditxt Inc. for the acquisition of all issued and outstanding Class A common shares of the Company, providing shareholders with immediate value [5][6] - Under the terms of the transaction, shareholders will receive US$ 0.0467 in cash and a fractional share of Aditxt common stock [5][6] Shareholder Engagement - Shareholders are encouraged to vote their shares ahead of the special meeting scheduled for November 6, 2024, to discuss the transaction [7]

ATI Inc. (ATI) recorded a third-quarter 2024 profit of $82.7 million or 57 cents per share compared with the year-ago quarter's $90.2 million or 62 cents. ATI posted adjusted earnings of 60 cents, down 6% from the yearago quarter figure of 64 cents. The bottom line missed the Zacks Consensus Estimate of 66 cents. Find the latest EPS estimates and surprises on Zacks Earnings Calendar. The company's third-quarter net sales were $1,051.2 million, missing the Zacks Consensus Estimate of $1,127.4 million. Net sa ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2024 was approximately $186 million, up from $183 million in Q2, but below the guided range of $189 million to $199 million [7][25] - Adjusted earnings per share was $0.60, below the guided range of $0.63 to $0.69 [7] - Total sales decreased by 4% sequentially but increased by 2% compared to Q3 2023 [24] - Consolidated adjusted EBITDA margins increased by 100 basis points to 17.7% of sales [25] Business Line Data and Key Metrics Changes - In the HPMC segment, adjusted EBITDA margins improved by over 200 basis points, approaching the mid-20s range [9] - AA&S segment EBITDA margin was approximately 15%, consistent with expectations [9] - HPMC margins closed at 22.3%, with A&D content remaining at 86% [26] - AA&S margins were reported at 14.8%, with a sequential decline of 160 basis points [26] Market Data and Key Metrics Changes - The aerospace and defense markets accounted for 79% of overall revenues, with sales in these markets up 6% year-over-year [27] - Backlog remained stable at around $4 billion, with approximately 75% in the HPMC segment [65] Company Strategy and Development Direction - The company is focused on improving operational efficiencies and expanding margins, with a strategy aligned with long-term growth in the aerospace market [21][39] - Continued investment in reliability and debottlenecking production is emphasized to support future growth [20] - The company anticipates modest growth in the next two quarters as the supply chain stabilizes [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to supply chain uncertainties and operational issues, particularly related to customer demand changes and Boeing's work stoppage [11][12] - The company expects the current turbulence to resolve, with a strong long-term outlook supported by robust demand for new aircraft [21][22] - Anticipated adjusted EBITDA for Q4 is between $181 million and $191 million, with a full-year adjusted EBITDA range of $700 million to $710 million [31][32] Other Important Information - The company redeemed nearly $300 million in convertible notes, reducing future interest expenses [30] - Free cash flow guidance for Q4 is now between $220 million and $300 million, reflecting a reduction in managed working capital [34] Q&A Session Summary Question: Impact of unplanned outages on 2025 results - Management does not expect the VIM outage to create a headwind into 2025, anticipating resolution of the Boeing work stoppage by early 2025 [41][42] Question: Differences in demand between engine manufacturers and airframers - Engine manufacturers are maintaining steady orders, while airframers are experiencing demand adjustments due to the Boeing work stoppage [43][44] Question: MRO demand offsetting airframe pressure - MRO demand is currently high, with engine OEMs reporting significant portions of their demand coming from MRO activities [48][49] Question: Clarification on Q4 EBITDA guidance - Management provided insights on expected impacts from operational issues and non-repeating anomalies from Q3, indicating a conservative Q4 EBITDA guidance [53][54][58] Question: Backlog stability and pushouts - Backlog remains stable, with pushouts primarily seen in airframe titanium orders, while engine orders continue steadily [64][66]

Allegheny Technologies (ATI) came out with quarterly earnings of $0.60 per share, missing the Zacks Consensus Estimate of $0.66 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -9.09%. A quarter ago, it was expected that this maker of steel and specialty metals would post earnings of $0.58 per share when it actually produced earnings of $0.60, delivering a surprise of 3.45%.Over the ...

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Q3 2024 Performance Overview](index=1&type=section&id=Q3%202024%20Performance%20Overview) ATI Inc. reported Q3 2024 sales of **$1.05 billion**, marking its ninth consecutive quarter with sales exceeding **$1 billion**, with net income attributable to ATI at **$82.7 million** or **$0.57** per share, driven significantly by aerospace & defense markets representing **62%** of sales - Q3 2024 marks the ninth consecutive quarter with sales in excess of **$1 billion**[3](index=3&type=chunk) - Aerospace & defense represented **62%** of Q3 2024 sales[3](index=3&type=chunk) | Metric | Q3 2024 ($ millions) | Q2 2024 ($ millions) | Sequential Change | Q3 2023 ($ millions) | Y-O-Y Change | | :---------------------------------------- | :------------------- | :------------------- | :---------------- | :------------------- | :----------- | | Sales | $1,051.2 million | $1,095.3 million | (4)% | $1,025.6 million | 2% | | Net income attributable to ATI | $82.7 million | $81.9 million | 1% | $90.2 million | (8)% | | Earnings per share | $0.57 | $0.58 | (2)% | $0.62 | (8)% | | Adjusted net income attributable to ATI* | $85.9 million | $86.0 million | —% | $94.2 million | (9)% | | Adjusted earnings per share* | $0.60 | $0.60 | —% | $0.64 | (6)% | | ATI adjusted EBITDA* | $185.7 million | $182.6 million | 2% | $162.6 million | 14% | [Non-GAAP Adjustments](index=1&type=section&id=Non-GAAP%20Adjustments) Q3 2024 adjusted results exclude **$4.3 million** in pre-tax charges, primarily for start-up and transaction-related costs, while prior periods included inventory write-downs, start-up costs, and unplanned outages - Q3 2024 adjusted results exclude pre-tax charges of **$4.3 million**, primarily consisting of **$2.5 million** in start-up costs and **$1.7 million** for transaction-related costs[5](index=5&type=chunk) - Q2 2024 adjusted results excluded pre-tax charges of **$5.4 million**, including **$5.5 million** for inventory write-downs related to European restructuring and **$1.8 million** for start-up costs, partially offset by **$1.9 million** in credits from lower severance reserves[5](index=5&type=chunk)[6](index=6&type=chunk) - Q3 2023 adjusted results excluded **$4.2 million** in pre-tax charges related to start-up costs and an unplanned outage, partially offset by restructuring credits[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) [CEO's Remarks on Q3 Performance and Strategy](index=2&type=section&id=CEO's%20Remarks%20on%20Q3%20Performance%20and%20Strategy) CEO Kimberly A. Fields noted Q3 results showed year-over-year growth in sales and EBITDA but fell short of expectations due to industry-wide challenges, while the company focuses on operational efficiency, deleveraging, and returning cash to shareholders - Q3 results reflected year-over-year growth in sales and EBITDA but fell short of expectations due to a slowing aircraft production ramp, supply chain work stoppage, unplanned outages, and transportation issues from Hurricane Helene[7](index=7&type=chunk) - Consolidated adjusted EBITDA margin increased **100 basis points** sequentially[8](index=8&type=chunk) - The company announced the early redemption of 2025 Convertible Notes and a new **$700 million** share repurchase authorization, demonstrating commitment to deleveraging and returning cash to shareholders[8](index=8&type=chunk) [Segment Operating Results](index=2&type=section&id=Segment%20Operating%20Results) [High Performance Materials & Components (HPMC)](index=2&type=section&id=High%20Performance%20Materials%20%26%20Components%20(HPMC)) HPMC segment sales decreased **2%** sequentially to **$552.4 million**, primarily due to lower sales in medical and general industrial markets, offset by increased demand for next-generation commercial jet engine products, with segment EBITDA at **$123.2 million** or **22.3%** of sales | Metric | Q3 2024 ($ millions) | Q2 2024 ($ millions) | Q3 2023 ($ millions) | | :----------------- | :------------------- | :------------------- | :------------------- | | Sales | $552.4 million | $562.0 million | $539.5 million | | Segment EBITDA | $123.2 million | $113.8 million | $117.2 million | | % of Sales | 22.3% | 20.2% | 21.7% | - HPMC sales decreased **2%** sequentially, primarily due to lower sales to medical and general industrial markets, partially offset by increased demand for next-generation commercial jet engine products[9](index=9&type=chunk) - Aerospace & defense sales represented **86%** of total HPMC sales in Q3 2024, up from **85%** in Q2 2024[9](index=9&type=chunk) [Advanced Alloys & Solutions (AA&S)](index=2&type=section&id=Advanced%20Alloys%20%26%20Solutions%20(AA%26S)) AA&S segment sales decreased **7%** sequentially to **$498.8 million**, mainly due to lower aerospace & defense and specialty energy sales, partially offset by higher electronics end market sales, with segment EBITDA at **$73.6 million** or **14.8%** of sales | Metric | Q3 2024 ($ millions) | Q2 2024 ($ millions) | Q3 2023 ($ millions) | | :----------------- | :------------------- | :------------------- | :------------------- | | Sales | $498.8 million | $533.3 million | $486.1 million | | Segment EBITDA | $73.6 million | $87.5 million | $61.5 million | | % of Sales | 14.8% | 16.4% | 12.7% | - AA&S sales decreased **7%** sequentially, driven by lower aerospace & defense (commercial airframe products) and specialty energy sales, partially offset by higher electronics end market sales[10](index=10&type=chunk) - Overall aerospace & defense sales were **36%** of total AA&S sales in Q3 2024[11](index=11&type=chunk) [Corporate Financials & Capital Management](index=3&type=section&id=Corporate%20Financials%20%26%20Capital%20Management) [Corporate Expenses and Other Items](index=3&type=section&id=Corporate%20Expenses%20and%20Other%20Items) Restructuring and other charges in Q3 2024 totaled **$4.3 million**, primarily from start-up and transaction costs, while corporate expenses decreased to **$13.4 million** due to lower incentive compensation, and the effective tax rate increased to **24.6%** - Restructuring and other charges for Q3 2024 were **$4.3 million**, primarily **$2.5 million** in start-up costs and **$1.7 million** in transaction-related costs[12](index=12&type=chunk) - Corporate expenses decreased to **$13.4 million** in Q3 2024 from **$19.4 million** in Q2 2024, mainly due to lower incentive compensation costs[12](index=12&type=chunk) - Closed operations and other income was **$2.3 million** in Q3 2024, including a **$3.7 million** gain from the sale of oil & gas rights[12](index=12&type=chunk) - The effective tax rate for Q3 2024 was **24.6%**, an increase from **22.8%** in Q2 2024, primarily due to lower discrete tax benefits[12](index=12&type=chunk) [Cash Flow and Liquidity](index=3&type=section&id=Cash%20Flow%20and%20Liquidity) Cash provided by operating activities was **$24 million** for Q3 2024, with managed working capital increasing to **40.0%** of sales, and the company redeemed **$291.4 million** of convertible notes, maintaining strong liquidity with **$407 million** cash on hand - Cash provided by operating activities was **$24 million** for Q3 2024[12](index=12&type=chunk) - Managed working capital as a percent of sales increased to **40.0%** in Q3 2024 from **35.5%** in Q2 2024[12](index=12&type=chunk) - The company redeemed **$291.4 million** of **3.5%** Convertible Senior Notes due 2025 by issuing **18.8 million shares** and received **$76 million** from the associated capped call[12](index=12&type=chunk) - Cash on hand at September 29, 2024, was **$407 million**, with approximately **$551 million** available under the ABL credit facility and no significant debt maturities until Q4 2025[12](index=12&type=chunk)[13](index=13&type=chunk) [Capital Allocation](index=4&type=section&id=Capital%20Allocation) ATI's Board of Directors authorized a **$700 million** share repurchase program, under which the company repurchased **$40

Ninth consecutive quarter with sales in excess of $1 billion Q3 2024 sales of $1.05 billion Q3 2024 net income attributable to ATI of $82.7 million, or $0.57 per share Aerospace & defense represent 62% of Q3 2024 sales Full year 2024 guidance updated Non-GAAP Information* Q3 adjusted net income attributable to ATI of $85.9 million, or $0.60 per share Q3 2024 ATI adjusted EBITDA of $185.7 million, or 17.7% of sales, up 100 basis points sequentially DALLAS, Oct. 29, 2024 /PRNewswire/ -- ATI Inc. (NYSE: ATI) r ...

BOLINGBROOK, Ill., Oct. 21, 2024 /PRNewswire/ -- ATI Physical Therapy, Inc. – ("ATI" or the "Company") (NYSE: ATIP), a nationally recognized outpatient physical therapy provider in the United States, today announced that it will release third quarter 2024 financial results on Monday, November 4, 2024, after the market closes. In conjunction, the company will host a conference call to review results at 5 p.m. ET on the same day. Conference Call Details Management will host a conference call at 5 p.m. Eastern ...