ATI Inc. (NYSE:ATI) Q4 2022 Earnings Conference Call February 2, 2022 10:30 AM ET

Company Participants

Tom Wright - IR

Bob Wetherbee - Board Chair, President and CEO

Don Newman - EVP and CFO

Conference Call Participants

Richard Safran - Seaport Global

Phil Gibbs - KeyBanc Capital Markets

Seth Seifman - JPMorgan

Gautam Khanna - Cowen

David Strauss - Barclays

Timna Tanners - Wolfe Research

Operator

Good morning. My name is Lauren and I'll be your conference operator today. At this time, I would like to welcome everyone to the ATI Q4 2022 Earnings Call.

All lines have been placed on mute to prevent any background noise. A supplemental slide presentation to accompany the prepared remark can be found on the company's website. After the speaker's remarks, there'll be a question-and-answer session. [Operator instructions]

At this time, I would like to turn over the call to Tom Wright, the Vice President, Investor Relations and FP&A. Tom, you may begin your conference.

Tom Wright

Thank you. Good morning and welcome to ATI's fourth quarter 2022 earnings calls. Today's discussion is being broadcast on our website. Participating in today's call are Bob Wetherbee, Board Chair, President and CEO; and Don Newman, Executive Vice President and CFO. Bob and Don will focus on our fourth quarter and full year highlights and key messages.

Before starting our prepared remarks, I want to draw your attention to the supplemental presentation that accompanies this call. Those slides provide additional color and details on our results and outlook and can be found on our website 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.

Bob Wetherbee

Thanks, Tom. Good morning and thanks for joining us. We ended the year strong. ATI's quarterly revenue, once again topped a $1 billion. That's the second quarter in a row, we achieved this milestone. We ended the full year at a run rate of $4 billion in revenue, 37% higher than 2021.

We're executing expertly against robust markets. We're meeting our commitments and getting better every day. Today I've summarized our performance in four key headlines. Headline one; we're achieving what we set out to do. In the fourth quarter, we delivered adjusted EBITDA of $140 million. This was driven by continued strength in our core aerospace and defence markets. Adjusted EPS of $0.53 surpassed the midpoint of our November guidance. The team is laser-focused on execution and it shows in our results.