ATI (ATI) Q1 FY2024 earnings: revenue $1.0 billion, up 0.5% on the year

ATI Inc. (ATI) reported revenue of $1.0 billion for Q1 FY2024, the quarter ended 31 March 2024, up 0.5% on the same quarter a year earlier. Net income was $66 million, down 21.8% on the year, and diluted earnings per share $0.46. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$1.0 billionup 0.5%

Net income$66 milliondown 21.8%

Diluted EPS$0.46

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,043	1,064	n/a	n/a
Cost of revenue	846	n/a	n/a	n/a
Gross profit	197	n/a	n/a	n/a
Gross margin	18.9%	n/a	n/a
Selling, general and administrative	82.0	n/a	n/a	n/a
Operating income	115	108	n/a	n/a
Operating margin	11.0%	10.2%	n/a
Pre-tax income	85.3	n/a	n/a	n/a
Income tax	16.9	n/a	n/a	n/a
Effective tax rate	19.8%	n/a	n/a
Net income	66.1	146	n/a	n/a
Net margin	6.3%	13.7%	n/a
Diluted EPS	$0.46	$0.99	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-98.8	n/a	n/a	n/a
Capital expenditure	65.8	n/a	n/a	n/a
Free cash flow	-165	n/a	n/a	n/a
Free cash flow margin	-15.8%	n/a	n/a
Cash from investing	-63.8	n/a	n/a	n/a
Cash from financing	-187	n/a	n/a	n/a
Depreciation and amortisation	36.0	n/a	n/a	n/a
Share-based compensation	6.2	n/a	n/a	n/a
Buybacks	150	n/a	n/a	n/a
Diluted shares, weighted	148m	n/a	n/a	n/a
Shares outstanding at period end	124m	127m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,264	1,373	n/a	n/a
Non-controlling interest	110	108	n/a	n/a
Debt	2,146	2,148	n/a	n/a
Other liabilities	1,262	1,357	n/a	n/a
Total liabilities and equity	4,782	4,985	n/a	n/a
Fixed assets	1,689	1,666	n/a	n/a
Goodwill	227	227	n/a	n/a
Cash and equivalents	394	744	n/a	n/a
Receivables	720	625	n/a	n/a
Inventory	1,285	1,248	n/a	n/a
Other assets	466	476	n/a	n/a
Total assets	4,782	4,985	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,026	1,064	1,043	1,095	1,051	1,173	1,144	1,140	1,126	1,177	1,152	1,261
Cost of revenue	831	n/a	846	868	826	924	909	898	870	904	889	951
Gross profit	195	n/a	197	227	225	249	236	242	255	273	263	310
Gross margin	19%	n/a	19%	21%	21%	21%	21%	21%	23%	23%	23%	25%
SG&A	69.8	n/a	82.0	88.9	82.4	89.0	85.0	82.8	94.6	103	92.1	95.7
Operating income	125	108	115	143	142	209	147	161	162	171	164	220
Operating margin	12%	10%	11%	13%	14%	18%	13%	14%	14%	14%	14%	17%
Pre-tax income	99.0	n/a	85.3	111	115	175	122	133	145	123	137	193
Tax rate	5%	n/a	20%	23%	25%	19%	17%	22%	21%	18%	12%	20%
Net income	90.2	146	66.1	81.9	82.7	137	97.0	101	110	96.6	118	151
Net margin	9%	14%	6%	7%	8%	12%	8%	9%	10%	8%	10%	12%
Diluted EPS	$0.62	$0.99	$0.46	$0.58	$0.57	$0.94	$0.67	$0.70	$0.78	$0.69	$0.85	$1.09
Operating cash flow	-114	n/a	-98.8	101	24.0	381	-92.5	162	230	316	128	132
Capital expenditure	44.0	n/a	65.8	60.2	65.8	47.3	53.3	72.1	62.5	92.7	55.2	68.6
Free cash flow	-158	n/a	-165	40.9	-41.8	334	-146	89.4	167	223	73.0	63.2
Buybacks	45.0	n/a	150	0.0	40.0	70.0	70.0	250	150	0.0	75.0	50.0
Shares outstanding	128m	127m	124m	124m	143m	141m	141m	138m	136m	136m	136m	136m
Filing	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 30 April 2024, accession 0001628280-24-019285: the filing on EDGAR. All of ATI Inc.'s filings: EDGAR company page.

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