ATI’s revenue has topped $1 billion for a fifth consecutive quarter.
The third-quarter results, released Thursday, show sales were up 18% over the same time last year.
Increasing Aerospace and Defense content has driven the year-over-year earnings, company officials said.
“ATI’s growth as an aerospace and defense leader continues,” CEO Robert Wetherbee said in a release.
“As demand accelerates, the percentage of our revenue attributed to aerospace and defense reached 61%, up 10 percentage points over last year, and rapidly progressing toward our goal of 65%.”
The third-quarter Aerospace and Defense revenue set an all-time record. It’s up 3% from the second quarter.
In the High Performance Materials and Components segment, third-quarter sales increased $12 million, or 2%.
They were largely spurred by growth in the commercial airframe market.
Shipments of airframe materials surpassed $200 million, up more than 50% from the same quarter in 2022.
The Advanced Alloys and Solutions segment saw a decrease in sales by $33 million and $88 million compared to the second quarter and third quarter, respectively.
Lower sales are blamed primarily on recessionary effects, according to the release.
Officials expect stable performance in advanced alloys for the fourth quarter because of sustained growth in the aerospace and defense-related markets. Those benefits will help offset recessionary forces impacting the alloys segment.
“We expect sequential and year-over-year ATI earnings growth in the fourth quarter, led by our HPMC segment,” Wetherbee said.
At its melt facility in Albany, Ore., the company is implementing a fourth furnace to produce specialty titanium alloys.
“All-in, we’ve increased titanium capacity by 45% through restarts and optimizations,” spokeswoman Natalie Gillespie said.
In the past year, total ATI titanium sales are up by 75%.
