1. Homepage
  2. Equities
  3. United States
  4. Nyse
  5. ATI Inc.
  6. News
  7. Summary
    ATI   US01741R1023

ATI INC.

(ATI)
  Report
Delayed Nyse  -  04:00 2022-08-17 pm EDT
32.52 USD   +0.18%
08/16Berenberg Bank Adjusts Allegheny Technologies' Price Target to $38 From $34, Maintains Buy Rating
MT
08/10Tom Wright named interim head of Investor Relations
PR
08/10ATI Inc. Appoints Tom Wright as Interim Head of Investor Relations
CI
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

ATI INC Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

08/04/2022 | 03:01pm EDT

Overview


ATI is a global manufacturer of technically advanced specialty materials and
complex components. Our largest markets are aerospace & defense, representing
45% of sales for the six months ended June 30, 2022, led by products for jet
engines. Additionally, we have a strong presence in the energy markets,
including oil & gas, downstream processing, and specialty energy, as well as the
medical and electronics markets. In aggregate, these markets represent 75% of
our 2022 revenue. ATI is a market leader in manufacturing differentiated
products that require our materials science capabilities and unique process
technologies, including our new product development competence. Our capabilities
range from cast/wrought and powder alloy development to final production of
highly engineered finished components, including those used in next-generation
jet engines and 3D-printed aerospace products.

Second quarter 2022 sales increased 56% to $959.5 million, compared to sales of
$616.2 million for the second quarter of 2021. Our gross profit for the second
quarter of 2022 was $175.3 million, or 18.3% of sales, a $132.6 million, or
1,140 basis point, increase, compared to the second quarter 2021, as our key
end-markets continue to show sustained recovery, and prior year results included
negative impacts from a labor strike. Second quarter 2021 results include $40.3
million of strike related costs, which are excluded from segment results and
primarily consist of overhead costs recognized in the period due to below-normal
operating rates, higher costs for outside conversion activities, and ongoing
benefit costs for striking employees.

Second quarter 2022 results include a $115.9 million loss on the May 12, 2022
sale of the Sheffield, UK operations, which is reported in loss on asset sales
and sales of businesses, net and primarily relates to a UK defined benefit
pension plan that transferred as part of the sale, and cumulative foreign
currency translation losses. The Sheffield operations were part of the HPMC
segment, and were not well-aligned with ATI's strategic focus. In 2021, the
Sheffield operations had external sales of $36 million, with over 80% of its
sales to energy markets, primarily oil & gas, and had a net loss before tax of
$9 million. Second quarter 2022 and 2021 results also include $1.3 million and
$6.2 million, respectively, of net credits for restructuring charges, primarily
related to lowered severance-related reserves based on changes in planned
operating rates and revised workforce reduction estimates. Both the loss on sale
and restructuring credits are excluded from segment results. Other nonoperating
income (expense) for the second quarter of 2022 includes a $9.9 million benefit
from the A&T Stainless joint venture's settlement of Section 232 claims, which
is included in AA&S segment results.

Our pretax loss was $30.9 million in the second quarter of 2022, compared to a
loss of $40.4 million in the prior year period. Income tax expense was $3.4
million and $4.0 million in the second quarters of 2022 and 2021, respectively,
primarily related to our Asian precision rolled strip business. ATI continues to
maintain a valuation allowance on its U.S. deferred tax assets. Net loss
attributable to ATI was $38.0 million, or ($0.31) per share, in the second
quarter of 2022, compared to a net loss attributable to ATI of $49.2 million, or
($0.39) per share, for the second quarter of 2021.

Adjusted EBITDA was $143.1 million, or 14.9% of sales, for the second quarter
2022, and $53.7 million, or 8.7% of sales, for the prior year second quarter.
EBITDA and Adjusted EBITDA are measures utilized by ATI that we believe are
useful to investors because these measures are commonly used to analyze
companies on the basis of operating performance, leverage and liquidity.
Furthermore, analogous measures are used by industry analysts to evaluate
operating performance. EBITDA and Adjusted EBITDA are non-GAAP measures and are
not intended to represent, and should not be considered more meaningful than, or
as alternatives to, a measure of operating performance as determined in
accordance with U.S. generally accepted accounting principles (U.S. GAAP). We
categorically define EBITDA as income from continuing operations before interest
and income taxes, plus depreciation and amortization, goodwill impairment
charges and debt extinguishment charges. We categorically define Adjusted EBITDA
as EBITDA excluding significant non-recurring charges or credits, restructuring
charges/credits, strike related costs, long-lived asset impairments and other
postretirement/pension curtailment and settlement gains and losses. EBITDA and
Adjusted EBITDA are not intended to be measures of free cash flow for
management's discretionary use, as they do not consider certain cash
requirements such as interest payments, tax payments and capital expenditures.
See the Liquidity and Financial Condition section of Management's Discussion and
Analysis for a reconciliation of amounts reported under U.S. GAAP to these
non-GAAP measures.

Compared to the second quarter 2021, sales increased 32% in the HPMC business
segment and 79% in the AA&S business segment. In aggregate, ATI's aerospace &
defense markets sales increased 55% to $436 million in the second quarter 2022,
compared to $281 million the second quarter 2021. In HPMC, second quarter 2022
sales to the commercial jet engine market increased 90%.


                                       26
--------------------------------------------------------------------------------

Results for the first six months of 2022 were sales of $1.79 billion and income
before tax of $9.2 million, compared to sales of $1.31 billion and loss before
tax of $37.3 million for the first six months of 2021. Our results for the first
half of 2022 reflect the ongoing recovery across many of our key end markets,
most notably jet engine materials and components, compared to the prior year
period. Our gross profit was $345 million, or 19.2% of sales, a $216 million or
940 basis point increase compared to the first six months of 2021. Results in
the first six months of 2022 include $34.3 million of benefits from management
actions to access available grants and other forms of COVID-19 relief available
from previously-enacted U.S. legislation. These benefits included $16.8 million
of a $22.4 million grant under the Aviation Manufacturing Jobs Protection (AMJP)
program for our operations in the HPMC segment, which helps fund ongoing wage
and benefit costs for a six-month period through May 2022, and $17.5 million in
employee retention credits applicable across all of ATI's domestic operations,
largely for preserving jobs throughout the global pandemic-related economic
downturn. Additionally, our strategic transformation efforts within the AA&S
segment to eliminate production of lower-margin standard stainless sheet
products in the SRP business is now complete. The 2021 results include the $40.3
million of strike related costs discussed above which are excluded from segment
results.

The six month 2022 results include a $141.0 million loss on the sale of the
Sheffield, UK operations, of which $25.1 million was recorded in the first
quarter of 2022 primarily for the impairment of long-lived assets. Loss on asset
sales and sales of businesses, net, for the first six months of 2022 also
included a $6.8 million gain from the sale of assets from our Pico Rivera, CA
operations as part of the strategy to exit standard stainless products. Six
month 2022 and 2021 results also include $2.4 million and $6.2 million,
respectively, of net credits for restructuring charges. Both the gains/losses on
sale and restructuring credits are excluded from segment results. Other
nonoperating income (expense) for the first six months of 2022 includes a $9.9
million benefit from the A&T Stainless joint venture's settlement of Section 232
claims, which is included in AA&S segment results, and $8.6 million of expense
for a litigation reserve.

Our pretax income was $9.2 million in the first six months of 2022, compared to
a $37.3 million loss in the prior year period. Net loss attributable to ATI was
$7.1 million, or ($0.06) per share, in the first six months of 2022, compared to
a net loss attributable to ATI of $57.1 million, or ($0.45) per share, for the
first six months of 2021.

Compared to the first six months of 2021, sales increased 36% in the HPMC
business segment and 38% in the AA&S business segment. Sales to the aerospace &
defense markets in the HPMC segment were 44% higher than the first six months of
2021, due to improvements in the commercial aerospace market. AA&S sales reflect
higher sales across all major markets, particularly a 68% increase in the
aerospace & defense markets and 45% increase in the energy market. Prior year
results included impacts from the USW labor strike, which predominantly affected
the AA&S segment.

Comparative information for our overall revenues (in millions) by end market and their respective percentages of total revenues for the three and six month periods ended June 30, 2022 and 2021 were as follows:

                                     Three months ended                Three months ended
Markets                                June 30, 2022                     June 30, 2021
Aerospace & Defense:
   Jet Engines- Commercial     $           248.7        26  %    $           129.6        21  %
   Airframes- Commercial                   106.1        11  %                 54.4         9  %
   Defense                                  81.6         9  %                 97.2        16  %
   Total Aerospace & Defense   $           436.4        46  %    $           281.2        46  %
Energy:
   Oil & Gas                               125.2        13  %                 56.1         9  %
   Specialty Energy                         75.1         8  %                 62.2        10  %
   Total Energy                            200.3        21  %                118.3        19  %
Automotive                                  75.5         8  %                 68.0        11  %
Food Equipment & Appliances                 62.7         6  %                 20.7         3  %
Electronics                                 49.4         5  %                 43.3         7  %
Construction/Mining                         39.9         4  %                 21.9         4  %
Medical                                     39.5         4  %                 32.0         5  %
Other                                       55.8         6  %                 30.8         5  %
Total                          $           959.5       100  %    $           616.2       100  %


                                       27
--------------------------------------------------------------------------------
                                     Six months ended                Six months ended
Markets                               June 30, 2022                   June 30, 2021
Aerospace & Defense:
   Jet Engines- Commercial     $         445.3        25  %    $         235.7        18  %
   Airframes- Commercial                 199.8        11  %              112.6         9  %
   Defense                               158.1         9  %              187.1        14  %
   Total Aerospace & Defense   $         803.2        45  %    $         535.4        41  %
Energy:
   Oil & Gas                             228.3        13  %              138.6        10  %
   Specialty Energy                      131.7         7  %              128.8        10  %
   Total Energy                          360.0        20  %              267.4        20  %
Automotive                               166.5         9  %              159.5        12  %
Electronics                              101.0         6  %               98.9         8  %
Food Equipment & Appliances               96.7         5  %               56.1         4  %
Construction/Mining                       91.9         5  %               64.4         5  %
Medical                                   75.7         4  %               61.0         5  %
Other                                     98.6         6  %               66.0         5  %
Total                          $       1,793.6       100  %    $       1,308.7       100  %

For the second quarter 2022, international sales of $391 million, or 41% of total sales, increased from $287 million in the second quarter 2021. ATI's international sales are mostly to the aerospace, energy, electronics, automotive and medical markets.


Comparative information for our major products based on their percentages of
revenues are shown below. We no longer report standard stainless product sales
as a separate product category. Prior period information includes these sales
within the nickel-based alloys and specialty alloys category. HRPF conversion
service sales in the AA&S segment are excluded from this presentation.

                                                         Three months ended June 30,                Six months ended June 30,
                                                          2022                 2021                 2022                 2021
Nickel-based alloys and specialty alloys                      52  %                38  %                51  %                41  %
Precision forgings, castings and components                   15  %                18  %                15  %                17  %
Precision rolled strip products                               14  %                19  %                15  %                20  %
Titanium and titanium-based alloys                            11  %                13  %                10  %                12  %
Zirconium and related alloys                                   8  %                12  %                 9  %                10  %
Total                                                        100  %               100  %               100  %               100  %



                                       28
--------------------------------------------------------------------------------

Segment EBITDA for the second quarter 2022 was $164.9 million, or 17.2% of
sales, compared to segment EBITDA of $73.2 million, or 11.9% of sales, for the
second quarter of 2021. Segment EBITDA for the first six months of 2022 was
$308.3 million, or 17.2% of sales, compared to segment EBITDA of $147.5 million,
or 11.3% of sales, for the first six months of 2021. Our measure of segment
EBITDA, which we use to analyze the performance and results of our business
segments, categorically excludes income taxes, depreciation and amortization,
corporate expenses, net interest expense, closed operations and other income
(expense), charges for goodwill and asset impairments, restructuring and other
credits/charges, strike related costs, debt extinguishment charges and gains or
losses on asset sales and sales of businesses. Results on our management basis
of reporting were as follows (in millions):

                                                    Three months ended June 30,                   Six months ended June 30,
                                                      2022                  2021                 2022                     2021
Sales:
High Performance Materials & Components         $       396.1           $   300.6          $      737.7               $    541.5
Advanced Alloys & Solutions                             563.4               315.6               1,055.9                    767.2
Total external sales                            $       959.5           $   616.2          $    1,793.6               $  1,308.7

EBITDA:
High Performance Materials & Components         $        60.3           $    37.2          $      128.4               $     61.8
% of Sales                                               15.2   %            12.4  %               17.4   %                 11.4  %
Advanced Alloys & Solutions                             104.6                36.0                 179.9                     85.7
% of Sales                                               18.6   %            11.4  %               17.0   %                 11.2  %
Total segment EBITDA                            $       164.9           $    73.2          $      308.3               $    147.5
% of Sales                                               17.2   %            11.9  %               17.2   %                 11.3  %

Corporate expenses                                      (16.7)              (15.9)                (33.7)                   (28.1)
Closed operations and other expense                      (5.1)               (3.6)                 (6.5)                    (3.1)
ATI Adjusted EBITDA                                     143.1                53.7                 268.1                    116.3

Depreciation & amortization                             (36.0)              (36.3)                (71.5)                   (72.4)
Interest expense, net                                   (23.4)              (23.7)                (47.0)                   (47.1)
Restructuring and other credits (charges)                 1.3                 6.2                  (6.2)                     6.2
Strike related costs                                        -               (40.3)                    -                    (40.3)
Loss on asset sales and sales of businesses,
net                                                    (115.9)                  -                (134.2)                       -
Income (loss) before income taxes                       (30.9)              (40.4)                  9.2                    (37.3)
Income tax provision                                      3.4                 4.0                   8.3                      9.5
Net income (loss)                                       (34.3)              (44.4)                  0.9                    (46.8)
Less: Net income attributable to noncontrolling
interests                                                 3.7                 4.8                   8.0                     10.3
Net loss attributable to ATI                    $       (38.0)          $   (49.2)         $       (7.1)              $    (57.1)


As part of managing the performance of our business, we focus on controlling
Managed Working Capital, which we define as gross accounts receivable,
short-term contract assets and gross inventories, less accounts payable and
short-term contract liabilities. We exclude the effects of inventory valuation
reserves and reserves for uncollectible accounts receivable when computing this
non-GAAP performance measure, which is not intended to replace Working Capital
or to be used as a measure of liquidity. We assess Managed Working Capital
performance as a percentage of the prior three months annualized sales to
evaluate the asset intensity of our business. At June 30, 2022, Managed Working
Capital increased as a percentage of annualized total ATI sales to 38.5%
compared to 37.5% at December 31, 2021, primarily due to higher accounts
receivable and inventory balances. Days sales outstanding, which measures actual
collection timing for accounts receivable, worsened by 18% as of June 30, 2022
compared to year end 2021, primarily due to increased foreign sales that
generally have a longer collection cycle. Gross inventory turns remained
consistent as of June 30, 2022 compared to year end 2021, as an improvement in
the pace of inventory flow across our operations helped offset higher overall
inventory levels due to both rising raw material values and management actions
to secure adequate supplies of key raw materials in response to supply chain
uncertainties.


                                       29
--------------------------------------------------------------------------------

The computations of Managed Working Capital at June 30, 2022 and December 31,
2021, reconciled to the financial statement line items as computed under U.S.
GAAP, were as follows.

                                                         June 30,       December 31,
(In millions)                                              2022             2021
Accounts receivable                                    $   627.1       $      470.0
Short-term contract assets                                  54.3               53.9
Inventory                                                1,270.9            1,046.3
Accounts payable                                          (421.9)            (375.5)
Short-term contract liabilities                           (125.7)           

(116.2)

Subtotal                                                 1,404.7            

1,078.5

Allowance for doubtful accounts                              3.9                3.8
Inventory valuation reserves                                70.4               65.4
Managed working capital                                $ 1,479.0       $    1,147.7
Annualized prior 3 months sales                        $ 3,838.0       $    

3,061.5

Managed working capital as a % of annualized sales 38.5 %

   37.5  %


Business Segment Results

High Performance Materials & Components Segment


Second quarter 2022 sales were $396.1 million, increasing 32% compared to the
second quarter 2021, reflecting higher sales across nearly all end markets, led
by commercial jet engines. Sales to the commercial aerospace market increased
76%, reflecting a 90% increase in commercial jet engines, while defense sales
declined 35% based on the timing of orders for the next phase of several defense
programs. Overall aerospace and defense market sales were 80% of total HPMC
sales in the second quarter of 2022. Sales to the energy markets decreased 18%,
with declines in materials for both oil & gas and specialty energy applications.

Comparative information for our HPMC segment revenues (in millions) by market
and their respective percentages of the segment's overall revenues for the three
month periods ended June 30, 2022 and 2021 is as follows:

                                  Three months ended                Three months ended
Markets                             June 30, 2022                     June 30, 2021
Aerospace & Defense:
Jet Engines- Commercial     $           231.4        59  %    $           122.0        41  %
Airframes- Commercial                    43.9        11  %                 34.1        11  %
Defense                                  40.7        10  %                 62.5        21  %
Total Aerospace & Defense               316.0        80  %                218.6        73  %
Energy:
    Oil & Gas                             8.1         2  %                 10.3         3  %
    Specialty Energy                     31.5         8  %                 38.3        13  %
    Total Energy                         39.6        10  %                 48.6        16  %
Medical                                  16.8         4  %                 14.6         5  %
Construction/Mining                       7.9         2  %                  6.1         2  %
Other                                    15.8         4  %                 12.7         4  %
Total                       $           396.1       100  %    $           300.6       100  %



                                       30
--------------------------------------------------------------------------------

International sales represented 55% of total segment sales for the second
quarter 2022, compared to 48% for the prior year period. Comparative information
for the HPMC segment's major product categories, based on their percentages of
revenue for the three months ended June 30, 2022 and 2021, is as follows:
                                                       Three months ended 

June 30,

                                                             2022                 2021
   Nickel-based alloys and specialty alloys                             48  %      45  %
   Precision forgings, castings and components                          35  %      36  %
   Titanium and titanium-based alloys                                   17  %      19  %
   Total                                                               100  %     100  %


Segment EBITDA in the second quarter 2022 increased to $60.3 million, or 15.2%
of total sales, compared to $37.2 million, or 12.4% of total sales, for the
second quarter 2021. Operating margins reflect higher sales of next-generation
jet engine products and higher facility utilization levels. Results in the
second quarter 2022 include $5.6 million of benefits from AMJP program grants,
which ended in mid-May 2022.

Sales for the first six months of 2022 were $737.7 million, increasing 36%
compared to the first six months of 2021, reflecting higher sales across all end
markets, led by commercial jet engines. Consistent with the trends in quarterly
results, sales to the commercial aerospace market increased 77%, reflecting an
88% increase in commercial jet engines, while defense sales declined 31% based
on the timing of orders for the next phase of several defense programs. Sales to
the energy markets increased 10% with growth in materials for both oil & gas and
specialty energy applications.

Comparative information for our HPMC segment revenues (in millions) by market
and their respective percentages of the segment's overall revenues for the six
month periods ended June 30, 2022 and 2021 is as follows:

                                     Six months ended                       Six months ended
Markets                                June 30, 2022                          June 30, 2021
Aerospace & Defense:
Jet Engines- Commercial     $        410.4                56  %    $        217.9                40  %
Airframes- Commercial                 81.1                11  %              60.6                11  %
Defense                               82.1                11  %             119.9                22  %
Total Aerospace & Defense            573.6                78  %             398.4                73  %
Energy:
    Oil & Gas                         25.2                 3  %              18.6                 4  %
    Specialty Energy                  61.6                 9  %              60.5                11  %
    Total Energy                      86.8                12  %              79.1                15  %
Medical                               30.0                 4  %              25.8                 5  %
Construction/Mining                   16.3                 2  %              11.2                 2  %
Other                                 31.0                 4  %              27.0                 5  %
Total                       $        737.7               100  %    $        541.5               100  %


International sales represented 54% of total segment sales for the first six
months of 2022. Comparative information for the HPMC segment's major product
categories, based on their percentages of revenue for the six months ended
June 30, 2022 and 2021, is as follows:
                                                        Six months ended 

June 30,

                                                             2022                2021
    Nickel-based alloys and specialty alloys                           48  %      41  %
    Precision forgings, castings and components                        35  %      39  %
    Titanium and titanium-based alloys                                 17  %      20  %
    Total                                                             100  %     100  %


Segment EBITDA in the first six months of 2022 increased to $128.4 million, or
17.4% of total sales, compared to $61.8 million, or 11.4% of total sales, for
the first six months of 2021. Operating margins reflect higher sales of
next-generation jet engine products and higher facility utilization levels.
Results in the first half of 2022 include $27.5 million of benefits from the
AMJP program and employee retention credits, partially offset by labor and other
costs related to ramp readiness.
                                       31
--------------------------------------------------------------------------------

HPMC first half results reflect an ongoing recovery with improvements in many of
our key end markets, most notably jet engine materials and components and
specialty energy applications, as well as the continued benefits from our
aggressive 2020 cost cutting actions and recent share gains. Looking ahead to
the remainder of 2022, we anticipate continued revenue growth primarily driven
by demand for commercial aerospace products, with stronger demand for both jet
engine mill products and forgings, bolstered by our recent share gains. Demand
for our commercial airframe long-form products in the HPMC segment is projected
to increase over the longer-term due in part to the reordering of the commercial
aerospace supply chain in response to the Russia/Ukraine conflict. While
availability of raw material inputs for our melting processes remains adequate
during the ongoing Russia/Ukraine conflict, changes in raw material prices may
cause variability in profit margins based on the timing of index pricing
mechanisms.

Advanced Alloys & Solutions Segment


Second quarter 2022 sales were $563.4 million, increasing 79% compared to the
second quarter of 2021, which included impacts from a multi-month labor strike
which reduced sales in the prior year period. Sales to the aerospace & defense
markets increased 93%, due in part to a significant increase in commercial
airframe demand for various flat-rolled product forms resulting from recent
share gains. Sales to the energy markets were 130% higher than the prior year
quarter, led by chemical and hydrocarbon industry applications increasing 173%.
Increased sales prices, resulting from higher base prices and elevated raw
material pass-through mechanisms, also drove revenue increases compared to the
prior year period and help to offset inflationary impacts.

Comparative information for our AA&S segment revenues (in millions) by market
and their respective percentages of the segment's overall revenues for the three
month periods ended June 30, 2022 and 2021 is as follows:

                                    Three months ended                Three months ended
Markets                               June 30, 2022                     June 30, 2021
Energy:
    Oil & Gas                 $           117.1        21  %    $            45.8        14  %
    Specialty Energy                       43.6         8  %                 23.9         8  %
    Total Energy                          160.7        29  %                 69.7        22  %
Aerospace & Defense:
Jet Engines- Commercial                    17.3         3  %                  7.6         2  %
Airframes- Commercial                      62.2        11  %                 20.3         6  %
Defense                                    40.9         7  %                 34.7        11  %
Total Aerospace & Defense                 120.4        21  %                 62.6        19  %
Automotive                                 73.2        13  %                 66.6        21  %
Food Equipment & Appliances                62.7        11  %                 20.6         7  %
Electronics                                48.7         8  %                 43.1        14  %
Construction/Mining                        32.0         6  %                 15.8         5  %
Other                                      65.7        12  %                 37.2        12  %
Total                         $           563.4       100  %    $           315.6       100  %


International sales represented 31% of total segment sales for the second
quarter 2022, compared to 46% in the prior year's second quarter. Comparative
information for the AA&S segment's major product categories, based on their
percentages of revenue for the three months ended June 30, 2022 and 2021, are
presented in the following table. We no longer report standard stainless product
sales as a separate product category. Prior period information includes these
sales within the nickel-based alloys and specialty alloys category. HRPF
conversion service sales are excluded from this presentation.
                                                 Three months ended June 

30,

                                                       2022                 

2021

Nickel-based alloys and specialty alloys                          55  %      31  %
Precision rolled strip products                                   24  %      39  %
Zirconium and related alloys                                      15  %      24  %
Titanium and titanium-based alloys                                 6  %       6  %
Total                                                            100  %     100  %



                                       32
--------------------------------------------------------------------------------

Segment EBITDA was $104.6 million, or 18.6% of sales, for the second quarter
2022, compared to segment EBITDA of $36.0 million, or 11.4% of sales, for the
second quarter 2021. Compared to the prior year period, results reflect a
stronger product mix of nickel-alloy mill products as our exit of standard
stainless products was completed. Sales of exotic materials from our Specialty
Alloys & Components business and improved operating performance also drove AA&S
segment margin growth. Second quarter 2022 AA&S results included a $9.9 million
benefit from the A&T Stainless joint venture's settlement of Section 232 tariff
claims.

Sales for the first six months of 2022 were $1.06 billion, increasing 38%
compared to the first six months of 2021, which included impacts from a
multi-month labor strike which reduced sales in the prior year period. Sales to
the aerospace & defense markets increased 68%, due in part to a significant
increase in commercial airframe demand for various flat-rolled product forms
resulting from recent share gains. Sales to the energy markets were 45% higher
led by chemical and hydrocarbon industry applications increasing 79%. Increased
sales prices, resulting from higher base prices and elevated raw material
pass-through mechanisms, also drove revenue increases compared to the prior year
period and help to offset inflationary impacts.

Comparative information for our AA&S segment revenues (in millions) by market
and their respective percentages of the segment's overall revenues for the six
month periods ended June 30, 2022 and 2021 is as follows:

                                    Six months ended                   Six months ended
Markets                              June 30, 2022                       June 30, 2021
Energy:
    Oil & Gas                           203.1        19  %             120.0                16  %
    Specialty Energy                     70.1         7  %              68.3                 9  %
    Total Energy                        273.2        26  %             188.3                25  %
Aerospace & Defense:
Jet Engines- Commercial                  34.9         4  %              17.8                 2  %
Airframes- Commercial                   118.7        11  %              52.0                 7  %
Defense                                  76.0         7  %              67.2                 9  %
Total Aerospace & Defense               229.6        22  %             137.0                18  %
Automotive                              161.3        15  %             156.1                20  %
Electronics                              99.8        10  %              98.4                13  %
Food Equipment & Appliances              96.7         9  %              56.0                 7  %
Construction/Mining                      75.6         7  %              53.2                 7  %
Other                                   119.7        11  %              78.2                10  %
Total                         $       1,055.9       100  %    $        767.2               100  %


International sales represented 33% of total segment sales for the first six
months of 2022. Comparative information for the AA&S segment's major product
categories, based on their percentages of revenue for the six months ended
June 30, 2022 and 2021, are presented in the following table. We no longer
report standard stainless product sales as a separate product category. Prior
period information includes these sales within the nickel-based alloys and
specialty alloys category. HRPF conversion service sales are excluded from this
presentation.
                                                 Six months ended June 30,
                                                      2022                2021
Nickel-based alloys and specialty alloys                        54  %      40  %
Precision rolled strip products                                 26  %      35  %
Zirconium and related alloys                                    14  %      19  %
Titanium and titanium-based alloys                               6  %       6  %
Total                                                          100  %     100  %


Segment EBITDA was $179.9 million, or 17.0% of sales, for the first six months
of 2022, compared to segment EBITDA of $85.7 million, or 11.2% of sales, for the
first six months of 2021. Compared to the prior year period, results reflect a
stronger product mix of nickel-alloy mill products as we completed our exit of
standard stainless products. Sales of exotic materials from our Specialty Alloys
& Components business and improved operating performance also drove AA&S segment
margin growth. First half 2022 segment EBITDA includes a $9.9 million benefit
from the A&T Stainless joint venture's settlement of Section 232 tariff claims
and $6.8 million of employee retention credits, partially offset by labor and
other costs related to ramp readiness.
                                       33
--------------------------------------------------------------------------------

We expect AA&S sales to continue to increase in the second half of 2022 based on
strong end-market demand. Demand for our commercial airframe flat-form products
in the AA&S segment is projected to increase over the longer-term due in part to
the reordering of the commercial aerospace supply chain in response to the
Russia/Ukraine conflict. While availability of raw materials for our melting
processes remains adequate during the ongoing Russia/Ukraine conflict, changes
in raw material prices may cause variability in profit margins based on the
timing of index pricing mechanisms.

Corporate Items


Corporate expenses for the second quarter of 2022 were $16.7 million, compared
to $15.9 million for the second quarter 2021. For the six months ended June 30,
2022, corporate expenses were $33.7 million, compared to $28.1 million for the
six months ended June 30, 2021. The current year increases reflect business
transformation initiatives and higher incentive compensation costs compared to
the prior year periods.

Closed operations and other expense for the second quarter 2022 was $5.1 million, compared to $3.6 million for the second quarter 2021. For the six months ended June 30, 2022, closed operations and other expenses were $6.5 million, compared to $3.1 million for the six months ended June 30, 2021. Increases in closed operations and other expense in 2022 are largely due to changes in foreign currency remeasurement impacts primarily related to ATI's European Treasury operation.

The following is depreciation & amortization by each business segment:

                                                  Three months ended June 30,                 Six months ended June 30,
                                                     2022                 2021                 2022                 2021

High Performance Materials & Components $ 16.9 $ 19.2 $ 34.8 $ 38.8 Advanced Alloys & Solutions

                              16.7                 16.1                    32.9              31.6
Other                                                     2.4                  1.0                     3.8               2.0
                                              $          36.0          $   36.3          $         71.5          $   72.4


Interest expense, net of interest income, in the second quarter 2022 was $23.4
million, compared to $23.7 million for the second quarter 2021. On a
year-to-date basis, net interest expense was $47.0 million for the first six
months of 2022 compared to $47.1 million for the first six months of 2021.
Capitalized interest reduced interest expense by $0.4 million in the second
quarter 2022 and $1.2 million in the second quarter 2021. For the six months
ended June 30, 2022 and 2021, capitalized interest was $0.6 million and $2.5
million, respectively.

Restructuring charges for the second quarter ended June 30, 2022 were a credit
of $1.3 million, for a reduction in severance-related reserves related to
approximately 30 employees based on changes in planned operating rates and
revised workforce reduction estimates. Restructuring and other charges for the
six months ended June 30, 2022 were $6.2 million, as an $8.6 million charge for
a litigation reserve relating to our indefinitely idled Rowley, UT titanium
sponge production facility was partially offset by a $2.4 million restructuring
credit for a reduction in severance-related reserves related to approximately 50
employees based on changes in planned operating rates and revised workforce
reduction estimates. Restructuring charges for the second quarter and first six
months of 2021 were a net credit of $6.2 million, primarily related to $6.9
million of lowered severance-related reserves for approximately 200 employees
based on changes in planned operating rates and revised workforce reduction
estimates. This was offset by $0.7 million of other costs related to facility
idlings. These items were excluded from segment EBITDA. Cash payments associated
with prior restructuring programs were $2.1 million in the first six months of
2022. The majority of the $13.2 million of remaining reserves associated with
these restructuring actions as of June 30, 2022 are expected to be paid within
the next year.

Strike related costs were $40.3 million in the second quarter 2021, of which
$38.2 million were excluded from AA&S segment EBITDA and $2.1 million were
excluded from HPMC segment EBITDA. These items primarily consisted of overhead
costs recognized in the period due to below-normal operating rates, higher costs
for outside conversion activities, and ongoing benefit costs for striking
employees.

Loss on asset sales and sales of businesses, net, for the second quarter of 2022
was $115.9 million for the loss on the sale of the Company's Sheffield, UK
operation. Loss on asset sales and sales of businesses, net, for the first six
months of 2022 was $134.2 million, including a $141.0 million loss on the sale
of the Company's Sheffield, UK operations, of which $25.1 million was recorded
in the first quarter of 2022 primarily for the impairment of long-lived assets,
and a $6.8 million gain from the sale of assets from our Pico Rivera, CA
operations. These items are excluded from segment EBITDA.
                                       34
--------------------------------------------------------------------------------

Income Taxes
The provision for income taxes for the second quarter and six months ended June
30, 2022 was $3.4 million and $8.3 million, respectively. The provision for
income taxes for the second quarter and six months ended June 30, 2021 was $4.0
million and $9.5 million, respectively. Tax expense in all periods is mainly
attributable to the Company's foreign operations. The tax expense for the second
quarter and six months ended June 30, 2022 was based on an estimated annual
effective tax rate calculation which included foreign, non-valuation allowance,
operations combined with the U.S. jurisdiction. The second quarter and six
months ended June 30, 2021 utilized an annual effective tax rate calculation for
its foreign, non-valuation allowance operations, combined with actual
year-to-date tax expense related to its U.S. jurisdiction.

In the second quarter 2020, the Company entered into a three-year cumulative
loss within the United States, limiting the Company's ability to utilize future
projections when analyzing the need for a deferred tax asset valuation
allowance, therefore limiting sources of income as part of the analysis. ATI
continues to maintain valuation allowances on its U.S. federal and state
deferred tax assets, as well as for certain foreign jurisdictions.

Liquidity and Financial Condition


We have an Asset Based Lending (ABL) Credit Facility, which is collateralized by
the accounts receivable and inventory of our domestic operations. The ABL
facility, which matures in September 2024, includes a $500 million revolving
credit facility, a letter of credit sub-facility of up to $200 million, and a
$200 million term loan (Term Loan). In addition, we have the right to request an
increase of up to $200 million in the maximum amount available under the
revolving credit facility for the duration of the ABL. The ABL facility contains
a financial covenant whereby we must maintain a fixed charge coverage ratio of
not less than 1.00:1.00 after an event of default has occurred and is continuing
or if the undrawn availability under the ABL revolving credit portion of the
facility is less than the greater of (i) $87.5 million, calculated as 12.5% of
the then applicable maximum advance amount under the revolving credit portion of
the ABL and the outstanding Term Loan balance, or (ii) $62.5 million. We were in
compliance with the fixed charge coverage ratio as of June 30, 2022, and on that
date, there were no outstanding borrowings under the revolving portion of the
ABL facility, and $40.8 million was utilized to support the issuance of letters
of credit. At June 30, 2022, we had $274 million of cash and cash equivalents,
and available additional liquidity under the ABL facility of approximately $456
million.

During the second quarter of 2022, $82.5 million of the 2022 Convertible Senior
Notes were converted into 5.7 million shares of ATI common stock, with the
remaining $1.7 million of outstanding principal balance paid in cash for notes
that were not converted. The conversion rate for the 2022 Convertible Notes was
69.2042 shares of ATI common stock per $1,000 principal amount of the 2022
Convertible Notes, equivalent to a conversion price of $14.45 per share.

On February 2, 2022, we announced that our Board of Directors authorized the
repurchase of up to $150 million of ATI stock. Repurchases under the program may
be made in the open market or in privately negotiated transactions, with the
amount and timing of repurchases depending on market conditions and corporate
needs. Open market repurchases will be structured to occur within the pricing
and volume requirements of SEC Rule 10b-18. The stock repurchase program does
not obligate the Company to repurchase any specific number of shares and it may
be modified, suspended, or terminated at any time by the Board of Directors
without prior notice. We repurchased 3.5 million shares of ATI stock for $89.9
million, or an average of $25.57 per share, in the first quarter of 2022 under
this program.

We believe that internally generated funds, current cash on hand and available
borrowings under the ABL facility will be adequate to meet our liquidity needs,
including currently projected required contributions to our pension plans. We do
not expect to pay any significant U.S. federal or state income taxes in the next
several years due to net operating loss carryforwards. If we needed to obtain
additional financing using the credit markets, the cost and the terms and
conditions of such borrowings may be influenced by our credit rating. In
addition, we regularly review our capital structure, various financing
alternatives and conditions in the debt and equity markets in order to
opportunistically enhance our capital structure. In connection therewith, we may
seek to refinance or retire existing indebtedness, incur new or additional
indebtedness or issue equity or equity-linked securities, in each case,
depending on market and other conditions. We have no off-balance sheet
arrangements as defined in Item 303(a)(4) of SEC Regulation S-K.

In managing our overall capital structure, we focus on the ratio of net debt to
Adjusted EBITDA, which we use as a measure of our ability to repay our incurred
debt. We define net debt as the total principal balance of our outstanding
indebtedness excluding deferred financing costs, net of cash, at the balance
sheet date. See the explanations above for our definitions of Adjusted EBITDA
and EBITDA, which are non-GAAP measures and are not intended to represent, and
should not be considered more meaningful than, or as alternatives to, a measure
of operating performance as determined in accordance with U.S. GAAP. Our ratio
of net debt to Adjusted EBITDA (Adjusted EBITDA Leverage Ratio) measures net
debt at the balance sheet date to Adjusted EBITDA as calculated on the trailing
twelve-month period from this balance sheet date.
                                       35
--------------------------------------------------------------------------------

Our Debt to Adjusted EBITDA Leverage Ratio improved in the second quarter of
2022 compared to year-end 2021, primarily as a result of higher earnings. Our
Net Debt to Adjusted EBITDA Leverage ratio also improved in the second quarter
of 2022 compared to year-end 2021, despite a decreased cash balance, primarily
due to higher earnings. The reconciliations of our Adjusted EBITDA Leverage
Ratios to the balance sheet and income statement amounts as reported under U.S.
GAAP are as follows:

                                                                                          Latest 12 months        Fiscal year
                                                     Three months ended                        ended                 ended
                                                                                                                  December 31,
                                            June 30, 2022           June 30, 2021          June 30, 2022              2021
Net income (loss) attributable to
ATI                                       $     (38.0)            $        

(49.2) $ 11.8 $ (38.2) Net income attributable to noncontrolling interests

                          3.7                        4.8                   19.7                 22.0
Net income (loss)                               (34.3)                     (44.4)                  31.5                (16.2)
Interest expense                                 23.4                       23.7                   96.8                 96.9
Depreciation and amortization                    36.0                       36.3                  143.0                143.9
Income tax provision                              3.4                        4.0                   25.6                 26.8
Restructuring and other charges
(credits)                                        (1.3)                      (6.2)                   1.9                (10.5)
Strike related costs                                -                       40.3                   22.9                 63.2
Retirement benefit settlement gain                  -                          -                  (64.9)               (64.9)
Debt extinguishment charge                          -                          -                   65.5                 65.5
Loss (gain) on asset sales and sale
of businesses, net                              115.9                          -                  120.4                (13.8)
Adjusted EBITDA                           $     143.1             $         53.7          $       442.7          $     290.9

Debt                                                                                      $     1,735.9          $   1,842.9
Add: Debt issuance costs                                                                           18.9                 20.8
Total debt                                                                                      1,754.8              1,863.7
Less: Cash                                                                                       (274.0)              (687.7)
Net debt                                                                                  $     1,480.8          $   1,176.0

Total Debt to Adjusted EBITDA                                                                      3.96                 6.41
Net Debt to Adjusted EBITDA                                                                        3.34                 4.04


Cash Flow

For the six months ended June 30, 2022, cash used in operations was $222.4
million, primarily related to higher accounts receivable and inventory balances,
despite improved operating results. Increased operating levels, higher sales
including longer collection cycles, increased raw material values and strategic
inventory purchase actions to ensure adequate raw material availability all
contributed to these operating cash flow uses. Other significant 2022 operating
cash flow items included the payment of 2021 annual incentive compensation. For
the six months ended June 30, 2021, cash used in operations was $102.6 million,
primarily due to higher accounts receivable and inventory balances related to
increased business activity. Other significant 2021 operating cash flow items
included $17.5 million in contributions to a U.S. defined benefit pension plan
and payment of 2020 annual incentive compensation, partially offset by receipt
of advance payments as part of long-term supply agreements in 2021.

Cash used in investing activities was $55.7 million in the first six months of
2022, reflecting $54.8 million in capital expenditures primarily related to AA&S
transformation projects and various HPMC growth projects. We expect to fund our
capital expenditures with cash on hand and cash flow generated from our
operations and, if needed, by using a portion of the ABL facility.

Cash used in financing activities was $135.6 million in the first six months of
2022 and consisted primarily of $89.9 million for the repurchase of 3.5 million
shares of ATI stock under the $150 million repurchase program authorized by our
Board of Directors on February 2, 2022, and a $16.0 million dividend payment to
the 40% noncontrolling interest in our PRS joint venture in China.

At June 30, 2022, cash and cash equivalents on hand totaled $274.0 million, a
decrease of $413.7 million from year end 2021. Cash and cash equivalents held by
our foreign subsidiaries was $91.2 million at June 30, 2022, of which $61.1
million was held by the STAL joint venture.
                                       36
--------------------------------------------------------------------------------

Critical Accounting Policies

Asset Impairment


We monitor the recoverability of the carrying value of our long-lived assets. An
impairment charge is recognized when the expected net undiscounted future cash
flows from an asset's use (including any proceeds from disposition) are less
than the asset's carrying value, and the asset's carrying value exceeds its fair
value. Changes in the expected use of a long-lived asset group, and the
financial performance of the long-lived asset group and its operating segment,
are evaluated as indicators of possible impairment. Future cash flow value may
include appraisals for property, plant and equipment, land and improvements,
future cash flow estimates from operating the long-lived assets, and other
operating considerations. In the fourth quarter of each year in conjunction with
the annual business planning cycle, or more frequently if new material
information is available, we evaluate the recoverability of idled facilities.

As of March 31, 2022, our Sheffield, UK operations were classified as held for
sale, and the terms of sale resulted in indicators of impairment in the
long-lived assets of this disposal group. A $22.3 million long-lived asset
impairment charge was recorded in the first quarter 2022, reported as part of
the $141.0 million loss on sale of this business for the six months ended June
30, 2022. This long-lived asset impairment charge was determined using the held
for sale framework and represents Level 1 information in the fair value
hierarchy.

Goodwill is reviewed annually in the fourth quarter of each year for impairment
or more frequently if impairment indicators arise. Other events and changes in
circumstances may also require goodwill to be tested for impairment between
annual measurement dates. At June 30, 2022, we had $227.2 million of goodwill on
our consolidated balance sheet. All goodwill relates to reporting units in the
HPMC segment.

Management concluded that, other than the Sheffield, UK business, none of ATI's
reporting units or long-lived assets experienced any triggering event that would
have required an interim impairment analysis at June 30, 2022.

Income Taxes


The provision for, or benefit from, income taxes includes deferred taxes
resulting from temporary differences in income for financial and tax purposes
using the liability method. Such temporary differences result primarily from
differences in the carrying value of assets and liabilities. Future realization
of deferred income tax assets requires sufficient taxable income within the
carryback and/or carryforward period available under tax law. On a quarterly
basis, we evaluate the realizability of our deferred tax assets.

The evaluation includes the consideration of all available evidence, both
positive and negative, regarding historical operating results including recent
years with reported losses, the estimated timing of future reversals of existing
taxable temporary differences, estimated future taxable income exclusive of
reversing temporary differences and carryforwards, and potential tax planning
strategies which may be employed to prevent an operating loss or tax credit
carryforward from expiring unused. In situations where a three-year cumulative
loss condition exists, accounting standards limit the ability to consider
projections of future results as positive evidence to assess the realizability
of deferred tax assets. Valuation allowances are established when it is
estimated that it is more likely than not that the tax benefit of the deferred
tax asset will not be realized.

Since the second quarter of 2020, our results reflected a three year cumulative
loss from U.S. operations. As a result, we established deferred tax asset
valuation allowances in the second quarter of 2020 on our U.S. Federal and state
deferred tax assets. In 2021 and 2022, ATI continues to maintain income tax
valuation allowances on its U.S. Federal and state deferred tax assets. In
addition, we have $22.4 million of valuation allowances on amounts recorded in
other comprehensive loss as of June 30, 2022.

While we remain in a cumulative loss condition, our ability to evaluate the
realizability of deferred tax assets is generally limited to the ability to
offset timing differences on taxable income associated with deferred tax
liabilities. Therefore, a change in estimate of deferred tax asset valuation
allowances for federal, state, or foreign jurisdictions during this cumulative
loss condition period will primarily be affected by changes in estimates of the
time periods that deferred tax assets and liabilities will be realized, or on a
limited basis to tax planning strategies that may result in a change in the
amount of taxable income realized.



                                       37
--------------------------------------------------------------------------------

Retirement Benefits


In accordance with accounting standards, we determine the discount rate used to
value pension plan liabilities as of the last day of each year. The discount
rate reflects the current rate at which the pension liabilities could be
effectively settled. In estimating this rate, we receive input from our
actuaries regarding the rate of return on high quality, fixed income investments
with maturities matched to the expected future retirement benefit payments. The
estimated effect at the year-end 2021 valuation date of an increase in the
discount rate by 0.50% would decrease pension liabilities by approximately $145
million. The effect on pension liabilities for changes to the discount rate, the
difference between expected and actual plan asset returns, and the net effect of
other changes in actuarial assumptions and experience are deferred and amortized
over future periods in accordance with accounting standards.

For ERISA (Employee Retirement Income Security Act of 1974, as amended) funding
purposes, discount rates used to measure pension liabilities for U.S. qualified
defined benefit plans are calculated on a different basis using an
IRS-determined segmented yield curve, which currently results in a higher
discount rate than the discount rate methodology required by accounting
standards. Funding requirements are also affected by IRS-determined mortality
assumptions, which may differ from those used under accounting standards.

We have certain collective bargaining agreements that include participation in a
multiemployer pension plan. Under current law, an employer that withdraws or
partially withdraws from a multiemployer pension plan may incur a withdrawal
liability to the plan, which represents the portion of the plan's underfunding
that is allocable to the withdrawing employer under very complex actuarial and
allocation rules. A subsidiary of the Company participates in the Steelworkers
Western Independent Shops Pension Plan (WISPP) for union-represented employees
of our primary titanium operations in Albany, OR, which is funded on an
hours-worked basis. As of December 31, 2020, manufacturing operations at this
facility were indefinitely idled, and a limited number of employees that
participate in the WISPP remain active in maintenance and other functions. It is
reasonably possible that a significant reduction or the elimination of
hours-worked contributions due to changes in operating rates at this facility
could result in a withdrawal liability assessment in a future period. A complete
withdrawal liability is estimated to be approximately $35 million on an
undiscounted basis. If this complete withdrawal liability was incurred, ATI
estimates that payments of the obligation would be required on a straight-line
basis over a 20-year period.

Other Critical Accounting Policies


A summary of other significant accounting policies is discussed in Management's
Discussion and Analysis of Financial Condition and Results of Operations and in
Note 1 to the consolidated financial statements contained in our Annual Report
on Form 10-K for the year ended December 31, 2021.

The preparation of the financial statements in accordance with U.S. generally
accepted accounting principles requires us to make judgments, estimates and
assumptions regarding uncertainties that affect the reported amounts of assets
and liabilities. Significant areas of uncertainty that require judgments,
estimates and assumptions include the accounting for derivatives, retirement
plans, income taxes, environmental and other contingencies, as well as asset
impairment, inventory valuation and collectability of accounts receivable. We
use historical and other information that we consider to be relevant to make
these judgments and estimates. However, actual results may differ from those
estimates and assumptions that are used to prepare our financial statements.

Pending Accounting Pronouncements

See Note 1 of the Notes to Consolidated Financial Statements for information on new and pending accounting pronouncements.

Forward-Looking and Other Statements


From time to time, we have made and may continue to make "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Certain statements in this report relate to future events and
expectations and, as such, constitute forward-looking statements.
Forward-looking statements include those containing such words as "anticipates,"
"believes," "estimates," "expects," "would," "should," "will," "will likely
result," "forecast," "outlook," "projects," and similar expressions.
Forward-looking statements are based on management's current expectations and
include known and unknown risks, uncertainties and other factors, many of which
we are unable to predict or control, that may cause our actual results,
performance or achievements to differ materially from those expressed or implied
in the forward-looking statements. Important factors that could cause actual
results to differ materially from those in the forward-looking statements
include: (a) material adverse changes in economic or industry conditions
generally, including global supply and demand conditions and prices for
                                       38

--------------------------------------------------------------------------------


our specialty metals and changes in international trade duties and other aspects
of international trade policy; (b) material adverse changes in the markets we
serve; (c) our inability to achieve the level of cost savings, productivity
improvements, synergies, growth or other benefits anticipated by management,
from strategic investments and the integration of acquired businesses;
(d) volatility in the price and availability of the raw materials that are
critical to the manufacture of our products; (e) declines in the value of our
defined benefit pension plan assets or unfavorable changes in laws or
regulations that govern pension plan funding; (f) labor disputes or work
stoppages; (g) equipment outages; (h) the risks of business and economic
disruption related to the currently ongoing COVID-19 pandemic and other health
epidemics or outbreaks that may arise; and (i) other risk factors summarized in
our Annual Report on Form 10-K for the year ended December 31, 2021, and in
other reports filed with the Securities and Exchange Commission. We assume no
duty to update our forward-looking statements.

© Edgar Online, source Glimpses

All news about ATI INC.
08/16Berenberg Bank Adjusts Allegheny Technologies' Price Target to $38 From $34, Maintains ..
MT
08/10Tom Wright named interim head of Investor Relations
PR
08/10ATI Inc. Appoints Tom Wright as Interim Head of Investor Relations
CI
08/05KeyBanc Capital Markets Raises Price Target on Allegheny Technologies to $33 From $31, ..
MT
08/05Wolfe Research Upgrades Allegheny Technologies to Outperform From Peer Perform, Lifts P..
MT
08/04ATI INC Management's Discussion and Analysis of Financial Condition and Results of ..
AQ
08/04Allegheny Technologies Swings to Q2 Adjusted Earnings, Revenue Rises; Shares Jump
MT
08/04TRANSCRIPT : ATI Inc., Q2 2022 Earnings Call, Aug 04, 2022
CI
08/04ATI : Announces Second Quarter 2022 Results - Form 8-K
PU
08/04ALLEGHENY TECHNOLOGIES : Q2 Earnings Snapshot
AQ
More news
Analyst Recommendations on ATI INC.
More recommendations