Allegheny Technologies, Inc. (NYSE:ATI) Q3 2021 Earnings Conference Call October 28, 2021 10:30 AM ET Company Participants Scott Minder - VP, IR & Treasurer Robert Wetherbee - President, CEO & Chairman Donald Newman - SVP, Finance & CFO Conference Call Participants Richard Safran - Seaport Research Partners David Strauss - Barclays Bank Philip Gibbs - KeyBanc Capital Markets Seth Seifman - JPMorgan Chase & Co. Gautam Khanna - Cowen and Company Joshua Sullivan - The Benchmark Company Paretosh Misra - Berenbe ...

Allegheny Technologies Incorporated (NYSE:ATI) Q2 2021 Results Conference Call August 3, 2021 8:30 AM ET Company Participants Scott Minder - VP, IR and Corporate Communications Bob Wetherbee - Board Chair, President and CEO Don Newman - SVP and CFO Conference Call Participants Seth Seifman - JP Morgan Phil Gibbs - KeyBanc Capital Markets Dan Flick - Cowen & Company Josh Sullivan - The Benchmark Company Paretosh Misra - Berenberg Capital Markets Matthew Fields - Bank of America Richard Safran - Seaport Globa ...

Financial Performance - ATI's Q2 2021 revenue was $616 million, down 11% compared to Q1 2021 and down 20% compared to Q2 2020[11] - The HPMC segment's EBITDA margin increased by 220 bps compared to Q1 2021 and 290 bps compared to the prior year[6] - Free cash flow usage was ($68) million in Q2 2021[14] - The USW strike had a ($40) million cost impact in Q2 2021, which was excluded from adjusted earnings[6] Segment Performance - AA&S segment revenue was $301 million, down 30% sequentially and 33% year-over-year[11] - HPMC segment revenue was $316 million, up 25% sequentially but flat year-over-year[11] - Jet engine revenue increased by 22% compared to Q1 2021[6] - Airframe revenue increased by 20% compared to Q1 2021[9] Strategic Initiatives and Balance Sheet - Total cash and available liquidity were approximately $830 million, including $473 million cash on hand[8] - The net debt/adjusted EBITDA ratio was 75x at the end of Q2 2021[14] - The company anticipates approximately $100 million in incremental cost savings for 2021[18]

Allegheny Technologies Incorporated (NYSE:ATI) Q1 2021 Earnings Conference Call April 29, 2021 8:30 AM ET Company Participants Scott Minder - Vice President, Investor Relations Robert Wetherbee - President and Chief Executive Officer Don Newman - Senior Vice President, Finance and Chief Financial Officer Conference Call Participants Richard Safran - Seaport Global Philip Gibbs - KeyBanc Capital Markets Gautam Khanna - Cowen Paretosh Misra - Berenberg Capital Markets Operator Good morning everyone and welcom ...

Financial Data and Key Metrics Changes - In Q4 2020, revenue increased by 10% to $658 million compared to Q3 2020, indicating stabilization in key end markets [20] - Adjusted EBITDA rose by 39% to $23 million in Q4 from Q3 levels, while adjusted EPS was a loss of $0.33 per share, better than the guidance range [20][21] - Free cash flow for the full year 2020 was $168 million, exceeding the guidance of $135 million to $150 million [22] - The company ended 2020 with nearly $650 million in cash and over $950 million in total liquidity, with managed working capital at 41% of revenue, down 1,000 basis points from Q3 [22] Business Line Data and Key Metrics Changes - The company is exiting standard stainless sheet products by year-end 2021, with these products representing 17% of AA&S segment revenues in Q4 2020, down from 22% in 2019 [12] - Cost reductions reached nearly $170 million in 2020, with expectations of total cost reductions growing to at least $270 million in the coming quarters [8][21] - The aerospace and defense segments are expected to see increased share in jet engine materials and components, with new business wins in airframes [9][10] Market Data and Key Metrics Changes - Demand for jet engine forgings increased modestly in Q4 2020, with expectations for slow recovery in the first half of 2021 [14] - Defense sales returned to year-over-year double-digit growth in Q4, with naval nuclear products growing by nearly 50% [14] - Sales in the energy markets continued to decline, with oil & gas and chemical processing submarkets dropping by over 35% [16] Company Strategy and Development Direction - The company is transforming to focus on aerospace and defense, consolidating operations to create a more competitive flow path [10][11] - The strategic transformation includes exiting low-margin products and investing in high-return opportunities, aiming for a leaner and more profitable business model [10][12] - The company aims to reduce managed working capital to less than 30% of revenue over time, with a focus on cash generation and operational efficiency [22][28] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about stabilization in key markets, with expectations for gradual recovery in jet engine product sales [25][30] - The company remains focused on cash generation and operational improvements, with a clear plan for 2021 despite ongoing uncertainties [30] - Future growth in defense and aerospace is anticipated, with management confident in the company's ability to meet long-term objectives [14][29] Other Important Information - The company plans to spend between $150 million and $170 million on capital investments in 2021, a modest increase from 2020 [27] - Pension contributions are expected to decrease significantly in 2021, with anticipated contributions of $87 million, down from $130 million in 2020 [27] Q&A Session Summary Question: Recovery of jet engine products - Management indicated that isothermal forgings are leading the recovery in jet engine materials, with demand expected to accelerate through mid-year [34] Question: Impact of inventory write-downs - Management acknowledged that inventory write-downs and under absorption impacted margins in Q4, estimating a combined effect of $10 million to $20 million per quarter [46][58] Question: CapEx needs going forward - The company plans to maintain disciplined CapEx spending, with expectations of $150 million to $170 million in 2021, potentially increasing to $200 million to $210 million in 2022 as markets recover [68][70]

Allegheny Technologies Incorporated (NYSE:ATI) Q3 2020 Earnings Conference Call October 29, 2020 8:30 AM ET Company Participants Scott Minder - Vice President, Treasurer and Investor Relations Robert Wetherbee - President and Chief Executive Officer Don Newman - Senior Vice President and Chief Financial Officer Conference Call Participants Josh Sullivan - The Benchmark Company Philip Gibbs - KeyBanc Capital Markets Gautam Khanna - Cowen Timna Tanners - Bank of America David Strauss - Barclays Paretosh Misra ...