Exciting News on February 1, 2024:
ATI Inc. Soars with 2023 Results
ATI Inc. (ATI) reported a 5% surge in Q4 sales to $1.06 billion and an impressive 9% increase in annual sales to $4.17 billion. The notable rise was largely attributed to its growth in the aerospace and defense sectors, which accounted for 63% of Q4 sales.
The company’s Q4 net income amounted to $145.7 million (99 cents per share), while its annual net income reached $410.8 million ($2.81 per share). Furthermore, the operating cash flow for the year stood at $85.9 million, including substantial pension contributions, and the adjusted EBITDA was $160.7 million. Full-year free cash flow totaled $164.7 million.
Expressing his satisfaction with the performance, Board Chair and CEO Robert S. Wetherbee highlighted, “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.”
SunCoke Energy Inc. (SXC) announced its 2023 results, reporting a net income of $57.5 million ($0.68 per share) for the year and $13.8 million ($0.16 per share) for Q4. The company’s full-year 2023 Adjusted EBITDA reached $268.8 million, with Q4 at $62.3 million and operating cash flow for 2023 of $249.0 million. Notably, Suncoke also increased its dividend by 25%.
SunCoke President Katherine Gates expressed her satisfaction with the company’s progress, stating, “In 2023, the SunCoke team successfully navigated through challenging market conditions and proved our operational capability, with strong Domestic Coke performance driving solid results…. We are pleased with the progress we made on our capital allocation goals in 2023, notably reducing gross debt by approximately $44 million and increasing our quarterly dividend by 25%.”
Alcoa Corporation’s Environmentally Friendly Partnership
Alcoa Corporation (AA) made a significant announcement, revealing its partnership with Nexans to supply low-carbon aluminum rod that incorporates its ELYSIS technology. This innovative process eliminates all direct greenhouse gas emissions traditionally associated with aluminum smelting, instead emitting oxygen.
Nexans will be the first global cable manufacturer to use aluminum from the ELYSIS process, marking a groundbreaking advancement in significantly lowering CO2 emissions. Renato Bacchi, Alcoa’s Executive Vice President and Chief Commercial Officer, emphasized the company’s position to supply low carbon aluminum, stating, “Alcoa is well positioned to supply low carbon aluminum for the world’s transition to renewable energy, as we know that the true impact of decarbonization will also include the choice of materials used to build the infrastructure for generation, transmission, and distribution networks.”
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