SXC - ATI Inc And SunCoke Energy Report 2023 Results; Alcoa Corporation Partners With Nexans | Benzinga
Top Stories for Feb. 1, 2024:
1. ATI Inc. (NYSE: ATI) announced fourth-quarter and full-year 2023 results.
ATI reported a 5% increase in Q4 sales to $1.06 billion and a 9% increase in annual sales to $4.17 billion, largely attributed to growth in the aerospace and defense sectors, which accounted for 63% of Q4 sales.
Q4 net income was $145.7 million (99 cents per share), and its annual net income was $410.8 million ($2.81 per share).
The company's operating cash flow for the year was $85.9 million, including significant pension contributions, adjusted EBITDA was $160.7 million and full-year free cash flow totaled $164.7 million.
Board Chair and CEO Robert S. Wetherbee said, "ATI delivered a strong finish to 2023, with the highest quarterly revenue of the year…. Full year sales grew by 9% over 2022 as demand for our differentiated materials accelerates. We made significant progress toward our strategy of aerospace and defense leadership, reaching 63% of total sales from those markets in the fourth quarter, up 10 percentage points over ...