ATI Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ATI Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

ATI INC (ATI) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. ATI Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 29. ATI Inc. was formerly known as Allegheny Technologies Inc. and Allegheny Teledyne Inc. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking ATI INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for ATI Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the steel pipe & tubes industry.

Risk Assessment

Risk Level: low — ATI INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain any immediate red flags or significant deviations from typical disclosures.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand ATI Inc.'s operational results and identify any emerging trends.

Key Numbers

• 2024-03-31 — Period of Report (Conformed Period of Report)
• 2024-04-30 — Filed As Of Date (Filed As Of Date)
• 1229 — Fiscal Year End (Fiscal Year End)
• 19991213 — Date of Name Change (Date of name change from Allegheny Technologies Inc.)
• 19960716 — Date of Name Change (Date of name change from Allegheny Teledyne Inc.)

Key Players & Entities

• ATI INC (company) — Filer
• ALLEGHENY TECHNOLOGIES INC (company) — Former company name
• ALLEGHENY TELEDYNE INC (company) — Former company name
• DE (company) — State of incorporation
• 1934 Act (regulator) — SEC Act

FAQ

Industry Context

ATI Inc. operates in the Steel Pipe & Tubes industry, which is part of the broader manufacturing sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the revenue and net income figures for the reported quarter.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review any disclosures related to segment performance and operational highlights.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-04-30: Filing Date — The date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.10 — ich registered Common stock, par value $0.10 ATI New York Stock Exchange Indicate

Filing Documents

• ati-20240331.htm (10-Q) — 1337KB
• fy2024q1exhibit311.htm (EX-31.1) — 9KB
• fy2024q1exhibit312.htm (EX-31.2) — 10KB
• fy2024q1exhibit321.htm (EX-32.1) — 8KB
• 0001628280-24-019285.txt (&nbsp;) — 8405KB
• ati-20240331.xsd (EX-101.SCH) — 53KB
• ati-20240331_cal.xml (EX-101.CAL) — 79KB
• ati-20240331_def.xml (EX-101.DEF) — 342KB
• ati-20240331_lab.xml (EX-101.LAB) — 675KB
• ati-20240331_pre.xml (EX-101.PRE) — 542KB
• ati-20240331_htm.xml (XML) — 1369KB

- FINANCIAL INFORMATION

PART I. - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive Income (Loss) 3 Consolidated Statements of Cash Flows 4 Statements of Changes in Consolidated Equity 5

Notes to Consolidated Financial Statements 6

Notes to Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk 31

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures 32

Item 4. Controls and Procedures 32

- OTHER INFORMATION

PART II. - OTHER INFORMATION

Legal Proceedings 33

Item 1. Legal Proceedings 33

Risk Factors 33

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds 33

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Other Information 34

Item 5. Other Information 34

Exhibits 34

Item 6. Exhibits 34 SIGNATURES 35

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ATI Inc. and Subsidiaries Consolidated Balance Sheets (In millions, except share and per share amounts) (Current period unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 394.4 $ 743.9 Accounts receivable, net 720.5 625.0 Short-term contract assets 65.3 59.1 Inventories, net 1,284.9 1,247.5 Prepaid expenses and other current assets 52.8 62.2 Total Current Assets 2,517.9 2,737.7 Property, plant and equipment, net 1,688.9 1,665.9 Goodwill 227.2 227.2 Other assets 348.1 354.3 Total Assets $ 4,782.1 $ 4,985.1 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 482.6 $ 524.8 Short-term contract liabilities 161.6 163.6 Short-term debt and current portion of long-term debt 27.1 31.9 Other current liabilities 225.8 256.8 Total Current Liabilities 897.1 977.1 Long-term debt 2,146.4 2,147.7 Accrued postretirement benefits 170.6 175.2 Pension liabilities 38.8 39.7 Other long-term liabilities 156.0 164.9 Total Liabilities 3,408.9 3,504.6 Equity: ATI Stockholders' Equity: Preferred stock, par value $ 0.10 : authorized- 50,000,000 shares; issued- none — — Common stock, par value $ 0.10 : authorized- 500,000,000 shares; issued- 133,796,517 shares at March 31, 2024 and 132,300,971 shares at December 31, 2023; outstanding- 124,441,401 shares at March 31, 2024 and 126,879,099 shares at December 31, 2023 13.4 13.2 Additional paid-in capital 1,703.1 1,697.1 Retained loss ( 4.0 ) ( 70.1 ) Treasury stock: 9,355,116 shares at March 31, 2024 and 5,421,872 shares at December 31, 2023 ( 360.1 ) ( 184.0 ) Accumulated other comprehensive loss, net of tax ( 88.8 ) ( 83.2 ) Total ATI stockholders' equity 1,263.6 1,373.0 Noncontrolling interests 109.6 107.5 Total Equity 1,373.2 1,480.5 Total Liabilities and Equity $ 4,782.1 $ 4,985.1 The accompanying notes are an integral part of these statements. 1 ATI Inc. and Subsidiaries Consolidated Statements of Operations

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Unaudited Note 1. Accounting Policies The interim consolidated financial statements include the accounts of ATI Inc. and its subsidiaries. Unless the context requires otherwise, "ATI" and "the Company" refer to ATI Inc. and its subsidiaries. The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31. Unless otherwise stated, references to years and quarters in this Quarterly Report on Form 10-Q relate to fiscal years and quarters, rather than calendar years and quarters. These unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by U.S. generally accepted accounting principles for complete financial statements. In management's opinion, all adjustments (which include only normal recurring adjustments) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified in order to conform with year 2024 presentation. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2023 Annual Report on Form 10-K. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2023 financial information has been derived from the Company's audited consolidated financial statements. New Accounting Pronouncements Adopted In September 2022, the Financial Accounting Standards Board (FASB) issued new accounting guidance related to disclosures about supplier financ