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]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for ATI, with a focus on how actual results compare to estimates impacting stock price [1][2] Earnings Expectations - ATI is expected to report quarterly earnings of $0.75 per share, reflecting a +25% change year-over-year [3] - Revenues are projected to be $1.14 billion, an increase of 8.4% from the previous year [3] Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from analysts [4] - A negative Earnings ESP of -1.21% suggests recent bearish sentiment among analysts regarding ATI's earnings prospects [12] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with positive readings being more reliable [9][10] - ATI's current Zacks Rank is 4, which complicates the prediction of an earnings beat [12] Historical Performance - In the last reported quarter, ATI exceeded expectations with earnings of $0.74 per share against an estimate of $0.72, resulting in a +2.78% surprise [13] - Over the past four quarters, ATI has beaten consensus EPS estimates three times [14] Conclusion - Despite the potential for an earnings beat, ATI does not appear to be a compelling candidate for a positive surprise based on current estimates and rankings [17]

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].

Company Performance - ATI's stock closed at $81.28, reflecting a -1.5% change from the previous day, underperforming the S&P 500's gain of 0.01% [1] - Over the last month, ATI's shares increased by 6.95%, outperforming the Aerospace sector's gain of 5.15% and the S&P 500's gain of 4.83% [1] Earnings Forecast - ATI is expected to report earnings on October 28, 2025, with a forecasted EPS of $0.75, representing a 25% increase from the same quarter last year [2] - Revenue is projected to be $1.13 billion, indicating a 7.79% rise compared to the year-ago quarter [2] Annual Estimates - For the annual period, the Zacks Consensus Estimates predict earnings of $3.06 per share and revenue of $4.62 billion, reflecting increases of +24.39% and +5.84% respectively from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for ATI are significant as they indicate shifts in near-term business trends, with upward revisions suggesting analysts' positive outlook on the company's operations [4] Valuation Metrics - ATI has a Forward P/E ratio of 27.01, which is lower than the industry average of 35.14, indicating that ATI is trading at a discount compared to its peers [7] - The company has a PEG ratio of 1.13, compared to the Aerospace - Defense Equipment industry's average PEG ratio of 2.38, suggesting a favorable valuation based on expected earnings growth [8] Industry Ranking - The Aerospace - Defense Equipment industry, which includes ATI, has a Zacks Industry Rank of 40, placing it in the top 17% of over 250 industries, indicating strong performance potential [9]