ATI (ATI) Nosedives 18% on Missed Earnings Expectations

We recently published Massive Sell-Off: 10 Stocks in a Bloodbath. ATI Inc. (NYSE:ATI) is one of the worst-performing stocks on Thursday.

ATI Inc. dropped its share prices by 18.36 percent on Thursday to close at $76.94 apiece as investor sentiment was dampened by missed revenue forecasts in the second quarter of the year.

In an updated report, ATI Inc. (NYSE:ATI) said attributable net income increased by 22.9 percent to $100.7 million from $81.9 million in the same period last year, as revenues grew by 4.1 percent to $1.140 billion from $1.095 billion year-on-year. Revenues, however, missed consensus forecasts by 1.72 percent, dragging down sentiment.

In the first half, attributable net income grew by 33 percent to $197.7 million from $148 million, while sales rose by 6.5 percent to $2.28 billion from $2.14 billion.

In other developments, ATI Inc. (NYSE:ATI) announced its expanded agreement with The Boeing Company for the supply of titanium materials to the latter and its subsidiaries.

Under the terms of the agreement, ATI will supply a comprehensive portfolio of high-performance titanium materials, including long products—such as ingots, billets, rectangles, and bars—and flat-rolled products, including plate, sheet, and coil.

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