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.

Photo by Jeremy Bezanger on Unsplash

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.