Financial Performance - Q3 2025 sales reached $1.1 billion, a 7% year-over-year increase[7] - Adjusted EBITDA for Q3 2025 was $225 million, up 21% year-over-year, including ~$10 million gains from oil & gas rights sale[7] - Adjusted EBITDA margin for Q3 2025 was 20%, a 230 bps increase year-over-year[7] - Adjusted EPS for Q3 2025 was $0.85, a 42% year-over-year increase[7] Segment Performance - Aerospace & Defense (A&D) accounted for 70% of total sales, with $793 million in Q3[3, 13] - HPMC (High Performance Materials & Components) sales were $603 million, up 9% year-over-year, with an adjusted EBITDA margin of 24%, a 190 bps increase[15] - AA&S (Advanced Alloys & Solutions) sales were $523 million, up 5% year-over-year, with an adjusted EBITDA margin of 17%, a 250 bps increase[20] Growth Drivers - Significant defense growth with a 51% year-over-year increase in Q3[13] - Strong jet engine growth with a 19% year-over-year increase[13] - Airframe growth driven by share gains, up 9% year-over-year[13] Capital Allocation - $150 million in share repurchases were made in Q3, with ~$1 billion repurchased since 2022 at an average price of ~$51 per share[9] - Liquidity of ~$1 billion, including $372 million of cash on hand[34] Outlook - Full-year Adjusted EBITDA guidance raised to $848 - $858 million[9, 35] - Full-year Adjusted EPS guidance raised to $3.15 - $3.21[9, 35]

Financial Performance - Third quarter 2025 sales reached $1.13 billion, a 7% increase year-over-year, driven by a 21% increase in aerospace & defense sales[6] - Net income attributable to ATI was $110 million, up 33% year-over-year, with earnings per share of $0.78 compared to $0.57 in Q3 2024[6] - Adjusted EBITDA for Q3 2025 was $225 million, representing a 21% increase year-over-year and 20.0% of sales[6] - Total sales for the fiscal quarter ended September 28, 2025, were $1,125.5 million, a 7.0% increase from $1,051.2 million in the same quarter of 2024[23] - Gross profit for the quarter was $255.3 million, up 13.6% from $224.8 million year-over-year[23] - Operating income increased to $162.4 million, compared to $142.2 million in the same quarter of the previous year, reflecting a growth of 14.4%[23] - Net income attributable to ATI for the quarter was $110.0 million, a 33.0% increase from $82.7 million in the prior year[23] - Adjusted net income attributable to ATI was $119.4 million, with an adjusted EPS of $0.85, up from $0.60 in the same quarter of 2024[33] - Adjusted EBITDA for the quarter was $225.1 million, an increase from $185.7 million in the same quarter of 2024[34] Segment Performance - Aerospace & defense sales accounted for 70% of total Q3 2025 sales, with record sales of $793 million in this segment[2] - High Performance Materials & Components (HPMC) segment sales were $602.9 million, with an EBITDA margin of 24.2%[13] - Advanced Alloys & Solutions (AA&S) segment sales were $522.6 million, with an EBITDA margin of 17.3%[15] - Segment EBITDA for High Performance Materials & Components was $145.8 million, representing 24.2% of sales, while Advanced Alloys & Solutions had an EBITDA of $90.4 million, or 17.3% of sales[24] - Aerospace & Defense segment generated $792.7 million, accounting for 70% of total revenue, up from 62% in the same quarter of 2024[28] Cash Flow and Capital Management - Operating cash flow for year-to-date 2025 was $299 million, reflecting an improvement of $273 million compared to the previous year[11] - The company reported a cash provided by operating activities of $230 million for Q3 2025[19] - Cash provided by operating activities for Q3 2025 was $229.5 million, a significant increase from $24.0 million in Q3 2024[39] - Adjusted Free Cash Flow for Q3 2025 was $199.7 million, compared to a negative $37.1 million in Q3 2024[39] - Cash used in operating activities was $298.5 million, significantly higher than $26.3 million in the same period last year[27] - Cash used in investing activities for Q3 2025 was $(29.8) million, compared to $(61.1) million in Q3 2024[39] Shareholder Returns - The company repurchased $150 million of its stock in Q3 2025, bringing total share repurchases for the year to $470 million[11] - The company raised its full-year guidance for adjusted earnings per share to a range of $3.15 to $3.21, up from the previous range of $2.90 to $3.07[4] Balance Sheet and Financial Stability - Total current assets decreased to $2,659.8 million from $2,945.0 million at the end of December 2024, primarily due to a reduction in cash and cash equivalents[26] - Total liabilities decreased to $3,176.9 million from $3,275.4 million, indicating improved financial stability[26] - The company reported a decrease in cash and cash equivalents to $372.2 million from $721.2 million at the beginning of the period[27] - The allowance for doubtful accounts was $4.7 million in Q3 2025, up from $3.4 million in Q2 2025[42] - Inventory for Q3 2025 was $1,405.6 million, slightly down from $1,412.6 million in Q2 2025[42] Market Contribution - The company reported a total of $2,720.7 million in core end markets revenue year-to-date, representing an 80% share of total revenue[28] - The Automotive market contributed $61.3 million, maintaining a 6% share of total revenue for the quarter[28] Other Financial Metrics - Managed working capital as a percentage of annualized sales was 36.4% for Q3 2025, slightly down from 36.5% in Q2 2025, but up from 30.9% in Q3 2024[42] - Total managed working capital for Q3 2025 was $1,639.3 million, compared to $1,666.6 million in Q2 2025 and $1,451.3 million in Q3 2024[42] - Annualized prior three months sales for Q3 2025 were $4,502.2 million, down from $4,561.4 million in Q2 2025[42] - The company did not make cash contributions to the U.S. qualified defined benefit pension plan in Q3 2025 or Q3 2024[39] - Restructuring and other charges for the quarter amounted to $12.9 million, impacting net income[34] - The company’s weighted average shares outstanding for the quarter were 137.0 million, compared to 128.7 million in the same quarter of 2024[29] - ATI's basic net income per common share for the quarter was $0.80, compared to $0.64 in the same quarter of the previous year, marking a 25.0% increase[23]

Core Insights - The company reported third quarter 2025 sales of $1.13 billion, a 7% increase year-over-year, driven by a 21% increase in aerospace and defense sales [3][7] - Net income attributable to the company was $110 million, up 33% from the previous year, with earnings per share of $0.78 compared to $0.57 in Q3 2024 [3][7] - The company raised its full-year guidance for adjusted earnings and cash flow due to strong performance and positive demand signals in core markets [4][5] Financial Performance - Third quarter 2025 adjusted EBITDA was $225 million, an increase of 21% year-over-year, representing 20% of sales [3][7] - Adjusted net income attributable to the company was $119 million, up 39% year-over-year, with adjusted earnings per share of $0.85 compared to $0.60 in Q3 2024 [3][7] - Year-to-date operating cash flow reached $299 million, reflecting an improvement of $273 million compared to the previous year [5] Segment Performance - High Performance Materials & Components (HPMC) segment sales were $602.9 million, with segment EBITDA of $145.8 million, or 24.2% of sales [6][14] - Advanced Alloys & Solutions (AA&S) segment sales were $522.6 million, with segment EBITDA of $90.4 million, or 17.3% of sales [9][14] - Aerospace and defense sales represented 70% of total sales, with strong demand for commercial jet engine and defense products [3][19] Guidance and Future Outlook - The company provided updated guidance for Q4 2025, with adjusted EBITDA expected to be between $221 million and $231 million, and adjusted earnings per share projected to be between $0.84 and $0.90 [2] - Full-year 2025 adjusted earnings guidance was raised to a range of $3.15 to $3.21 per share, up from the previous range of $2.90 to $3.07 [2] - The company continues to focus on maximizing free cash flow and driving efficiencies in working capital [5]

Company Performance - ATI closed at $82.16, reflecting a -2.56% change from the previous day, underperforming the S&P 500's loss of 0.53% [1] - Over the last month, ATI's shares increased by 7.98%, outperforming the Aerospace sector's gain of 2.66% and the S&P 500's gain of 1.13% [1] Upcoming Earnings - ATI is set to release its earnings report on October 28, 2025, with an anticipated EPS of $0.75, representing a 25% increase year-over-year [2] - The consensus estimate for revenue is $1.14 billion, indicating an 8.43% increase compared to the same quarter last year [2] Annual Forecast - Zacks Consensus Estimates project earnings of $3.06 per share and revenue of $4.63 billion for the year, reflecting increases of +24.39% and +6.12% respectively compared to the previous year [3] Analyst Estimates - Recent changes in analyst estimates for ATI suggest a favorable outlook on the company's business health and profitability [3] - The Zacks Rank system currently rates ATI at 4 (Sell), with the consensus EPS estimate remaining steady over the past month [5] Valuation Metrics - ATI has a Forward P/E ratio of 27.6, which is a discount compared to the industry average Forward P/E of 34.54 [5] - The company has a PEG ratio of 1.26, while the average PEG ratio for Aerospace - Defense Equipment stocks is 2.5 [6] Industry Context - The Aerospace - Defense Equipment industry, part of the Aerospace sector, holds a Zacks Industry Rank of 96, placing it in the top 39% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Wall Street expects a year-over-year increase in earnings on higher revenues when ATI (ATI) reports results for the quarter ended September 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 28. On the ...

Core Points - Altai Resources Inc. has completed a special cash distribution of $0.06 per common share, totaling approximately $3.4 million funded from cash and cash equivalents [1] - The company currently has about $0.7 million in cash and cash equivalents remaining, equating to approximately $0.013 per common share based on 56,033,552 total issued and outstanding shares [1] - Altai Resources Inc. is debt-free as of the current date [1] Company Overview - Altai Resources Inc. is based in Toronto, Ontario, and has a Canadian investment portfolio primarily consisting of cash and cash equivalents [2] - Additional information about the company can be found on SEDAR+ and its official website [2]

Company Overview - ATI closed at $82.28, reflecting a -1.97% change from the previous day, which is less than the S&P 500's daily loss of 0.28% [1] - Over the past month, ATI shares have gained 9.87%, outperforming the Aerospace sector's gain of 6.59% and the S&P 500's gain of 4.03% [1] Upcoming Earnings - ATI's earnings report is expected on October 28, 2025, with a predicted EPS of $0.75, indicating a 25% growth compared to the same quarter last year [2] - Revenue is anticipated to be $1.13 billion, representing a 7.79% increase from the same quarter last year [2] Full Year Projections - Zacks Consensus Estimates project earnings of $3.06 per share and revenue of $4.62 billion for the full year, reflecting changes of +24.39% and +5.84% respectively from the prior year [3] - Recent adjustments to analyst estimates for ATI are important as they reflect short-term business trends [3] Estimate Revisions and Share Price Momentum - Research indicates that estimate revisions correlate with near-term share price momentum, which can be leveraged by investors using the Zacks Rank system [4] - The Zacks Rank system has a strong track record, with 1 ranked stocks yielding an average annual return of +25% since 1988 [5] Valuation Metrics - ATI is currently trading with a Forward P/E ratio of 27.47, which is a discount compared to its industry's Forward P/E of 35.34 [5] - The company has a PEG ratio of 1.15, while the Aerospace - Defense Equipment industry has an average PEG ratio of 2.39 [6] Industry Context - The Aerospace - Defense Equipment industry is part of the Aerospace sector and has a Zacks Industry Rank of 58, placing it in the top 24% of over 250 industries [7] - The top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - Zacks Premium provides various tools to help investors make informed decisions and enhance their confidence in stock market investments [1][2] Zacks Style Scores - Zacks Style Scores are indicators designed to assist investors in selecting stocks with the highest potential to outperform the market within a 30-day timeframe [3] - Stocks are rated from A to F based on value, growth, and momentum characteristics, with A being the highest score [3] Value Score - The Value Score identifies attractive and discounted stocks using ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [4] Growth Score - The Growth Score focuses on a company's financial health and future outlook, analyzing projected and historical earnings, sales, and cash flow [5] Momentum Score - The Momentum Score helps investors capitalize on price trends by evaluating factors like one-week price changes and monthly earnings estimate changes [6] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investing strategies [7] Zacks Rank - The Zacks Rank is a proprietary stock-rating model that uses earnings estimate revisions to simplify portfolio building [8] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.81% since 1988, significantly outperforming the S&P 500 [9] Stock Selection Strategy - To maximize returns, investors should target stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [10] - Stocks with a 3 (Hold) rank should also have Style Scores of A or B to ensure potential upside [10] Earnings Estimate Revisions - The direction of earnings estimate revisions is crucial when selecting stocks; a stock with a low rank but high Style Scores may still face downward price pressure [11] Company Spotlight: ATI Inc. - ATI Inc. is a diversified specialty materials producer with a Zacks Rank of 2 (Buy) and a VGM Score of A [12] - The company has a Value Style Score of B, supported by a forward P/E ratio of 27.47, making it appealing to value investors [12] - Recent upward revisions in earnings estimates for fiscal 2025 have increased the Zacks Consensus Estimate to $3.06 per share, with an average earnings surprise of +12.4% [13]

Core Insights - ATI has shown strong year-to-date performance, gaining approximately 51.7%, outperforming the average return of 33.5% for the Aerospace sector [4] - The Zacks Rank system indicates that ATI has a current rank of 2 (Buy), reflecting positive analyst sentiment and an improved earnings outlook [3] - Rocket Lab Corporation has also outperformed the sector with a return of 141.5% year-to-date, and it holds a Zacks Rank of 2 (Buy) [4][5] Company Performance - ATI is part of the Aerospace group, which ranks 1 within the Zacks Sector Rank, indicating it is among the top-performing sectors [2] - The consensus estimate for ATI's full-year earnings has increased by 1.3% over the past quarter, suggesting a positive trend in earnings expectations [3] - In the Aerospace - Defense Equipment industry, ATI ranks 35, yet it has still outperformed the average industry gain of 33.4% this year [6] Industry Overview - The Aerospace group consists of 64 companies, with ATI and Rocket Lab Corporation being notable performers [2][6] - The Aerospace sector is currently experiencing strong returns, with several companies, including ATI and Rocket Lab, showing significant gains [4][7]

Core Viewpoint - Investors in the Aerospace - Defense Equipment sector should consider ATI and EHang Holdings Limited, with ATI currently presenting a more favorable investment opportunity based on valuation metrics and earnings outlook [1]. Valuation Metrics - ATI has a forward P/E ratio of 27.39, significantly lower than EHang's forward P/E of 1,944.00, indicating that ATI is more reasonably priced relative to its earnings [5]. - The PEG ratio for ATI is 1.14, while EHang's PEG ratio is 58.64, suggesting that ATI's expected earnings growth is more aligned with its valuation [5]. - ATI's P/B ratio stands at 6.21, compared to EHang's P/B of 9.91, further indicating that ATI is undervalued relative to its book value [6]. Earnings Outlook - ATI holds a Zacks Rank of 2 (Buy), reflecting positive earnings estimate revisions, while EHang has a Zacks Rank of 4 (Sell), indicating a less favorable earnings outlook [3]. - The stronger estimate revision activity for ATI suggests that its earnings outlook is improving more significantly than that of EHang [7]. Value Grades - ATI has a Value grade of B, while EHang has a Value grade of F, highlighting ATI's superior valuation metrics and overall investment attractiveness [6].