ATI Inc. (NYSE:ATI) Q1 2023 Earnings Conference Call May 4, 2023 10:30 AM ET

Company Participants

Tom Wright - IR

Robert Wetherbee - Board Chair, President, and CEO

Kimberly Fields - Executive Vice President and COO

Donald Newman - Executive Vice President and CFO

Conference Call Participants

Richard Safran - Seaport Research Partners

Philip Gibbs - KeyBanc

Seth Seifman - JPMorgan

David Strauss - Barclays

Gautam Khanna - Cowen

Operator

Hello, everyone, and welcome to the ATI First Quarter 2023 Earnings Call. My name is Bruno, and I'll be the operator of today. [Operator Instructions] I will now hand over to your host, Tom Wright. Please go ahead.

Tom Wright

Thank you. Good morning and welcome to ATI's first quarter 2023 earnings call. Today's discussion is being broadcast on our website. Participating in today's call are Bob Wetherbee, Board Chair, President, and CEO, Kim Fields, Executive Vice President and COO, and Don Newman, Executive Vice President and CFO. Bob, Kim, and Don will focus on our first quarter highlights and key messages. Before starting our prepared remarks, I would like to draw your attention to the supplemental presentation that accompanies this call. Those slides provide additional color and details on our results and outlook that can be found on our website at atimaterials.com. After our prepared remarks, we'll open the line for questions. As a reminder, all forward-looking statements are subject to various assumptions and caveats. These are noted in the earnings release and in the slide presentation.

Now, I'll turn the call over to Bob.

Robert Wetherbee

Thanks, Tom, and good morning. Q1 marked another strong quarter of consistent performance and sequential top-line growth for ATI. Our team continues to build momentum, driving our business forward. I'll summarize my thoughts on our first quarter performance in three points. Number one, we're delivering. What did this solid quarter include?

Our quarterly revenue again exceeded $1 billion, up 3% over the prior quarter, and 25% higher than a year ago. Sales and high-performance materials and components segments were up 6% over the prior quarter. That's 38% higher than a year ago. And adjusted earnings per share for the quarter was $0.49, that on the higher side of our guidance range. We know the importance of delivering on our commitments. Today's results reaffirm the importance we place on that consistency.

Our results also reflect the incredible work being done every day by our team. They're driving operational efficiencies, capitalizing on new opportunities, and growing our capabilities. After my remarks, ATI Chief Operating Officer Kim Fields will share her perspective on how we're doing that.