ATI Inc. Files Q3 2024 10-Q Report
Ticker: ATI · Form: 10-Q · Filed: 2024-10-29T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, steel-industry
TL;DR
ATI Inc. 10-Q filed: Q3 2024 financials out. Check for performance updates.
AI Summary
ATI Inc. filed its 10-Q for the period ending September 29, 2024, reporting on its financial performance. The company, formerly Allegheny Technologies Inc., is based in Dallas, Texas, and operates in the steel pipe & tubes industry. Key financial details and operational updates are provided within this filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for ATI Inc., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant risks or opportunities.
Key Numbers
- 20240929 — Reporting Period End Date (The end date for the financial reporting period covered by the 10-Q.)
- 20241029 — Filing Date (The date the 10-Q report was officially filed with the SEC.)
- 001-12001 — SEC File Number (The unique SEC file number assigned to ATI Inc.)
Key Players & Entities
- ATI INC (company) — Filer
- ALLEGHENY TECHNOLOGIES INC (company) — Former Company Name
- ALLEGHENY TELEDYNE INC (company) — Former Company Name
- 2021 MCKINNEY AVENUE, DALLAS, TX 75201 (location) — Business and Mail Address
- STEEL PIPE & TUBES (industry) — Standard Industrial Classification
FAQ
What were ATI Inc.'s total revenues for the nine months ended September 29, 2024?
The filing indicates the reporting period is for the nine months ended September 29, 2024, but specific revenue figures are not detailed in the provided header information.
What is ATI Inc.'s fiscal year end date?
ATI Inc.'s fiscal year ends on December 29.
When did ATI Inc. change its name from Allegheny Technologies Inc.?
The date of the name change from Allegheny Technologies Inc. was December 13, 1999.
What is the company's primary industry classification?
ATI Inc. is classified under STEEL PIPE & TUBES [3317].
What is the business phone number for ATI Inc.?
The business phone number listed is 4123942800.
Filing Stats: 4,900 words · 20 min read · ~16 pages · Grade level 6.1 · Accepted 2024-10-29 13:59:48
Key Financial Figures
- $0.10 — ich registered Common stock, par value $0.10 ATI New York Stock Exchange Indicate
Filing Documents
- ati-20240929.htm (10-Q) — 2183KB
- fy2024q3exhibit101.htm (EX-10.1) — 59KB
- fy2024q3exhibit311.htm (EX-31.1) — 9KB
- fy2024q3exhibit312.htm (EX-31.2) — 10KB
- fy2024q3exhibit321.htm (EX-32.1) — 8KB
- 0001628280-24-044066.txt ( ) — 11517KB
- ati-20240929.xsd (EX-101.SCH) — 58KB
- ati-20240929_cal.xml (EX-101.CAL) — 95KB
- ati-20240929_def.xml (EX-101.DEF) — 356KB
- ati-20240929_lab.xml (EX-101.LAB) — 749KB
- ati-20240929_pre.xml (EX-101.PRE) — 579KB
- ati-20240929_htm.xml (XML) — 2316KB
- 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 26
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Quantitative and Qualitative Disclosures About Market Risk 40
Item 3. Quantitative and Qualitative Disclosures About Market Risk 40
Controls and Procedures 42
Item 4. Controls and Procedures 42
- OTHER INFORMATION
PART II. - OTHER INFORMATION
Legal Proceedings 42
Item 1. Legal Proceedings 42
Risk Factors 42
Item 1A. Risk Factors 42
Unregistered Sales of Equity Securities and Use of Proceeds 43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43
Other Information 44
Item 5. Other Information 44
Exhibits 44
Item 6. Exhibits 44 SIGNATURES 45
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) September 29, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 406.6 $ 743.9 Accounts receivable, net 730.2 625.0 Short-term contract assets 90.5 59.1 Inventories, net 1,414.5 1,247.5 Prepaid expenses and other current assets 136.6 62.2 Total Current Assets 2,778.4 2,737.7 Property, plant and equipment, net 1,746.5 1,665.9 Goodwill 227.2 227.2 Other assets 313.7 354.3 Total Assets $ 5,065.8 $ 4,985.1 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 528.5 $ 524.8 Short-term contract liabilities 146.5 163.6 Short-term debt and current portion of long-term debt 27.9 31.9 Other current liabilities 242.4 256.8 Total Current Liabilities 945.3 977.1 Long-term debt 1,855.5 2,147.7 Accrued postretirement benefits 163.8 175.2 Pension liabilities 37.1 39.7 Other long-term liabilities 152.1 164.9 Total Liabilities 3,153.8 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- 142,871,688 shares at September 29, 2024 and 132,300,971 shares at December 31, 2023; outstanding- 142,631,508 shares at September 29, 2024 and 126,879,099 shares at December 31, 2023 14.3 13.2 Additional paid-in capital 1,937.8 1,697.1 Retained loss ( 72.8 ) ( 70.1 ) Treasury stock: 240,180 shares at September 29, 2024 and 5,421,872 shares at December 31, 2023 ( 13.3 ) ( 184.0 ) Accumulated other comprehensive loss, net of tax ( 74.6 ) ( 83.2 ) Total ATI stockholders' equity 1,791.4 1,373.0 Noncontrolling interests 120.6 107.5 Total Equity 1,912.0 1,480.5 Total Liabilities and Equity $ 5,065.8 $ 4,985.1 The accompanying notes are an integral part of these statements. 1 ATI Inc. and Subsidiaries Consolidated Statements
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 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 finance prog