US’s specialty materials leader ATI Inc has reported sales of USD 959.5 million and net loss attributable to ATI of USD 38.0 million in April-June 2022 quarter, which include USD 115.9 million non-cash loss in 2022 for sale of the Sheffield UK operations. ATI Chair, President & CEO Mr Robert S Wetherbee said “Our strong second quarter financial results reflect both the expanding recovery within the commercial aerospace market and the ongoing transformation of ATI. The actions we took to ensure ramp-readiness and streamline our business and product portfolios are showing results. It is readily apparent in the expansion of our revenues and adjusted earnings versus prior year and prior quarter. Despite continued challenges in the global supply chain and labor environments, our teams are over-delivering on our commitments and positioning us for long-term success.”Sales – USD 959.5 million, up 56 %Adjusted EBITDA - USD 143.1 million, up 166 %Net Loss – USD 38 million, down 23 %High Performance Materials & Components 's second quarter 2022 sales increased 16% compared to the first quarter 2022 as commercial aerospace sales increased 27%, led by continued increasing demand for jet engine products. Overall aerospace and defense markets sales were 80% of total HPMC sales in the second quarter 2022. Sales improved 32% compared to the second quarter 2021, with sales of commercial jet engine products increasing 90% compared to the prior year period.Advanced Alloys & Solutions’ second quarter 2022 sales increased 14% compared to the first quarter 2022, and increased 79% compared to the prior year quarter, which were impacted by the multi-month labor strike largely at our Specialty Rolled Products business. Compared to the first quarter 2022, sales to the energy markets were 42% higher, led by chemical and hydrocarbon industry and specialty energy applications. Aerospace and defense market sales were 10% higher sequentially. Increased selling prices, resulting from higher base prices and elevated raw material pass-through mechanisms, also drove revenue increases.ATI said “Looking ahead to the third quarter, we expect ongoing strength in our key markets to drive profitable revenue growth. We expect increased revenues to offset traditionally lower seasonal volumes, routine maintenance outages and financial benefits from government programs and tariff refunds. We remain steadfastly focused on long-term value creation through sustainable revenue, margin and free cash flow growth. Our improving financial trends demonstrate the progress we are making toward our long-term financial targets, delivering value to our shareholders.”The foundation for ATI was created in 1996 with the merger of Southern California based Teledyne and Pittsburgh based Allegheny Ludlum Corporation. Teledyne was a rapidly growing, dynamic conglomerate of electronics and aerospace, industrial, and consumer products, born in the go-go tech boom of the 1960s. Allegheny Ludlum was a time-honored innovator in Pittsburgh’s legendary steel industry, with a heritage dating back to casting cannonballs to fight the British in 1776. Allegheny Technologies Incorporated, known today as ATI, is a USD 4.1 billion global specialty materials company that serves customers in aerospace, defense and other demanding markets.
US’s specialty materials leader ATI Inc has reported sales of USD 959.5 million and net loss attributable to ATI of USD 38.0 million in April-June 2022 quarter, which include USD 115.9 million non-cash loss in 2022 for sale of the Sheffield UK operations. ATI Chair, President & CEO Mr Robert S Wetherbee said “Our strong second quarter financial results reflect both the expanding recovery within the commercial aerospace market and the ongoing transformation of ATI. The actions we took to ensure ramp-readiness and streamline our business and product portfolios are showing results. It is readily apparent in the expansion of our revenues and adjusted earnings versus prior year and prior quarter. Despite continued challenges in the global supply chain and labor environments, our teams are over-delivering on our commitments and positioning us for long-term success.”Sales – USD 959.5 million, up 56 %Adjusted EBITDA - USD 143.1 million, up 166 %Net Loss – USD 38 million, down 23 %High Performance Materials & Components 's second quarter 2022 sales increased 16% compared to the first quarter 2022 as commercial aerospace sales increased 27%, led by continued increasing demand for jet engine products. Overall aerospace and defense markets sales were 80% of total HPMC sales in the second quarter 2022. Sales improved 32% compared to the second quarter 2021, with sales of commercial jet engine products increasing 90% compared to the prior year period.Advanced Alloys & Solutions’ second quarter 2022 sales increased 14% compared to the first quarter 2022, and increased 79% compared to the prior year quarter, which were impacted by the multi-month labor strike largely at our Specialty Rolled Products business. Compared to the first quarter 2022, sales to the energy markets were 42% higher, led by chemical and hydrocarbon industry and specialty energy applications. Aerospace and defense market sales were 10% higher sequentially. Increased selling prices, resulting from higher base prices and elevated raw material pass-through mechanisms, also drove revenue increases.ATI said “Looking ahead to the third quarter, we expect ongoing strength in our key markets to drive profitable revenue growth. We expect increased revenues to offset traditionally lower seasonal volumes, routine maintenance outages and financial benefits from government programs and tariff refunds. We remain steadfastly focused on long-term value creation through sustainable revenue, margin and free cash flow growth. Our improving financial trends demonstrate the progress we are making toward our long-term financial targets, delivering value to our shareholders.”The foundation for ATI was created in 1996 with the merger of Southern California based Teledyne and Pittsburgh based Allegheny Ludlum Corporation. Teledyne was a rapidly growing, dynamic conglomerate of electronics and aerospace, industrial, and consumer products, born in the go-go tech boom of the 1960s. Allegheny Ludlum was a time-honored innovator in Pittsburgh’s legendary steel industry, with a heritage dating back to casting cannonballs to fight the British in 1776. Allegheny Technologies Incorporated, known today as ATI, is a USD 4.1 billion global specialty materials company that serves customers in aerospace, defense and other demanding markets.
