ATI Inc (NYSE:ATI) Q3 2024 Results Conference Call October 29, 2024 8:30 AM ET

Company Participants

David Weston - Vice President of Investor Relations
Kim Fields - President, CEO & Director
Don Newman - Executive VP of Finance & CFO

Conference Call Participants

Richard Safran - Seaport Research Partners
Andre Madrid - BTIG
David Strauss - Barclays
Phil Gibbs - KeyBanc Capital Markets
Timna Tanners - Wolfe Research
Seth Seifman - JPMorgan
Scott Deuschle - Deutsche Bank

Operator

Hello, everyone, and welcome to ATI's Third Quarter 2024 Earnings Call. My name is Lydia, and I will be your operator today. [Operator Instructions]

I'll now hand you over to Dave Weston, Vice President, Investor Relations, to begin. Please go ahead.

David Weston

Thank you. Good morning, and welcome to ATI's third quarter 2024 earnings call. Today's discussion is being webcast online at atimaterials.com. Participating in today's call to share key points from our third quarter results, are Kim Fields, President and CEO; and Don Newman, Executive Vice President and CFO.

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 and can also 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 accompanying presentation.

Now I'll turn the call over to Kim.

Kim Fields

Thanks, Dave. Good morning, everyone. Let me start by saying our team is motivated by our mission to support our customers, consistently providing the highest quality product even as we navigate market and supply chain turbulence. As you saw in our earnings release, the third quarter represents mixed results for ATI. While there are positive highlights and accomplishments achieved, the team and I are disappointed by the shortfall to our financial guidance. Our performance was not what we strive for. We can and we will do better.

On today's call, I'll walk through the challenges we encountered this quarter and how we are responding to them. For the third quarter, our adjusted EBITDA was approximately $186 million, up from our Q2 EBITDA of approximately $183 million. However, it was below our guided range of $189 million to $199 million. Adjusted earnings per share was $0.60 below our guided range of $0.63 to $0.69 per share. We've adjusted our expectations for the coming quarter and the full year 2024 to account for ongoing headwinds related to supply chain uncertainties and one remaining operational challenge.