Top Stories for Feb. 1, 2024:
1. ATI Inc. 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 last year. We're rapidly progressing toward our goal of 65%.”
2. Suncoke Energy Inc. SXC announced its 2023 results.
The company reported net income of $57.5 million ($0.68 per share) for the year and $13.8 million ($0.16 per share) for Q4.
Its full-year 2023 Adjusted EBITDA was $268.8 million, with Q4 at $62.3 million and operating cash flow for 2023 of $249.0 million. Suncoke also increased its dividend by 25%.
SunCoke President Katherine Gates said, "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%. We continued to advance our foundry business by completing the foundry coke expansion project and expanding our market participation."
"Additionally, the extension of our Indiana Harbor coke contract with Cleveland-Cliffs for an additional 12 years positions our largest coke plant favorably for the future…. We expect 2024 consolidated Adjusted EBITDA to be between $240 million and $255 million, with our Domestic Coke segment continuing to operate at full capacity, while our Logistics segment is impacted by weakness in the thermal coal markets impacting volumes as well as pricing," she noted.
3. Alcoa Corporation AA announced it will supply Nexans with low-carbon aluminum rod that incorporates its ELYSIS technology.
This 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, which significantly lowers CO2 emissions.
Executive Vice President and Chief Commercial Officer Renato Bacchi said, “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. While we are developing ELYSIS™ for the future, we are also supplying low-carbon aluminum today with our EcoLum™ metal, which can help customers meet their own sustainability goals and lower their carbon footprints.”
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