Why ATI Stock Is Falling Today
Specialty materials manufacturer ATI (NYSE: ATI) delivered third-quarter results that were slightly ahead of analyst expectations, but the company trimmed guidance. Investors were more focused on what is to come, sending ATI shares down as much as 13% on Wednesday morning.
ATI, formerly known as Allegheny Technologies, produces titanium alloys and other specialty materials primarily for the aerospace and energy markets. The company faced a slowdown during the pandemic as airlines cut flights and needed fewer airplanes, but it has recovered nicely over the past year as demand for both commercial aerospace and defense components have soared.
On Tuesday morning, ATI reported third-quarter adjusted earnings of $0.53 per share on revenue of $1.03 billion, just ahead of analyst expectations for $0.52 per share in earnings on sales of $942 million. The company's high performance materials segment led the way, with sales up 16% sequentially on strong demand for jet engine component.
Source Fool.com
