<p>特种材料制造商 ATI 在 2025 年第三季度达到了华尔街的收入预期，销售额同比增长 7.1%，达到 11.3 亿美元。其非 GAAP 每股利润为 0.85 美元，超出分析师共识预期 15.2%。</p>
<p><strong>ATI (ATI) 2025 年第三季度亮点：</strong></p>
<ul>
<li><strong>收入：</strong> 11.3 亿美元，符合分析师预期的 11.3 亿美元（同比增长 7.1%，符合预期）</li>
<li><strong>调整后每股收益：</strong> 0.85 美元，超出分析师预期的 0.74 美元（超出 15.2%）</li>
<li><strong>调整后息税折旧摊销前利润（EBITDA）：</strong> 2.251 亿美元，超出分析师预期的 2.06 亿美元（20% 利润率，超出 9.3%）</li>
<li><strong>营业利润率：</strong> 14.4%，与去年同期持平</li>
<li><strong>自由现金流：</strong> 1.67 亿美元，较去年同期的-4180 万美元有所上升</li>
<li><strong>市值：</strong> 158.5 亿美元</li>
</ul>
<p><strong>公司概况</strong></p>
<p>ATI 的材料几乎在今天所有的商业和军用飞机上都有应用，ATI 利用先进的冶金和制造工艺生产高度专业化的材料和组件，服务于航空航天、国防、医疗和能源应用。</p>
<p><strong>收入增长</strong></p>
<p>一家公司的长期表现是其整体质量的指标。任何企业都可以在某个季度表现良好，但许多持久的企业会持续增长多年。不幸的是，ATI 在过去五年的年化收入增长为 6.5%，表现平平。与其他工业部门相比，这并不是一个好结果，但 ATI 仍有值得关注的地方。</p>
<p>我们在 StockStory 最重视长期增长，但在工业领域，五年的历史视角可能会错过周期、行业趋势或公司利用新合同或成功产品线等催化剂的机会。ATI 最近的表现显示，其需求放缓，过去两年的年化收入增长为 5.5%，低于五年趋势。</p>
<p>本季度，ATI 的收入同比增长 7.1%，其 11.3 亿美元的收入与华尔街的预期一致。</p>
<p>展望未来，卖方分析师预计未来 12 个月收入将增长 5.7%，与其两年的增长率相似。这个预测令人失望，表明其新产品和服务尚未能带来更好的收入表现。至少该公司在其他财务健康指标上表现良好。</p>
<p>微软、Alphabet、可口可乐、怪兽饮料——这些公司最初都是在一个巨大的趋势中崭露头角的增长故事。我们已经识别出下一个：一个盈利的 AI 半导体项目，华尔街仍在忽视。请访问这里获取我们的完整报告。</p>
<p><strong>营业利润率</strong></p>
<p>在过去五年中，ATI 是盈利的，但受到其庞大成本基础的制约。其平均营业利润率为 4.5%，对于一家工业企业来说显得较弱。</p>
<p>好的一面是，ATI 的营业利润率在过去五年中上升了 53.4 个百分点，因为其销售增长为其提供了经营杠杆。</p>
<p>在第三季度，ATI 的营业利润率为 14.4%，与去年同期持平。这表明公司的整体成本结构相对稳定。</p>
<p><strong>每股收益</strong></p>
<p>收入趋势解释了一家公司的历史增长，但每股收益（EPS）的长期变化指向了这种增长的盈利能力——例如，一家公司可能通过过度的广告和促销支出来虚增其销售。</p>
<p>ATI 的每股收益在过去五年中以惊人的 80.9% 的年复合增长率增长，超过了其 6.5% 的年化收入增长。这告诉我们，随着公司的扩张，其每股盈利能力得到了提升。</p>
<p>深入分析 ATI 的收益可以让我们更好地理解其表现。正如我们之前提到的，ATI 本季度的营业利润率持平，但在过去五年中上升了 53.4 个百分点。这是其更高收益的最相关因素（除了收入影响）；利息支出和税收也会影响 EPS，但对公司基本面了解不多。</p>
<p>与收入一样，我们分析 EPS 的短期变化，以查看是否错过了业务的变化。</p>
<p>对于 ATI，其两年的年 EPS 增长为 19.8%，低于其五年趋势。我们仍然认为其增长良好，并希望未来能够加速。</p>
<p>在第三季度，ATI 报告的调整后每股收益为 0.85 美元，较去年同期的 0.60 美元有所上升。这个数字轻松超出了分析师的预期，股东应该对结果感到满意。在未来 12 个月内，华尔街预计 ATI 的全年 EPS 将达到 3.10 美元，增长 17.5%。</p>
<p><strong>ATI 第三季度业绩的关键要点</strong></p>
<p>我们对 ATI 本季度超出分析师 EBITDA 预期的表现感到印象深刻。我们也很高兴其调整后的营业收入超出了华尔街的预期。另一方面，其收入未能达到华尔街的预期。总体来看，我们认为这是一个不错的结果，且有一些关键的上行空间。报告后，股价在 116.75 美元附近持平。</p>
<p>ATI 可能有一个不错的季度，但这是否意味着你现在应该投资？最新的季度确实重要，但在决定股票是否值得购买时，长期基本面和估值更为重要。我们在这里提供的可操作的完整研究报告中涵盖了这些内容，活跃的 Edge 会员可以免费阅读。</p>

阿勒格尼

<p>阿勒格尼在 2025 年第三季度报告了营收为 11.3 亿美元，符合华尔街预期，同比增长 7.1%。调整后的每股收益为 0.85 美元，超出预期 15.2%。尽管五年内年化营收增长仅为 6.5%，阿勒格尼的营业利润率提高至 14.4%。分析师预计明年营收将增长 5.7%。报告发布后，股价稳定在 116.75 美元，尽管存在一些营收担忧，但市场反应积极</p>

<p>Specialty materials manufacturer ATI  met Wall Streets revenue expectations in Q3 CY2025, with sales up 7.1% year on year to $1.13 billion. Its non-GAAP profit of $0.85 per share was 15.2% above analysts’ consensus estimates.</p>
<div class="lb-trans"><p>特种材料制造商 ATI 在 2025 年第三季度达到了华尔街的收入预期，销售额同比增长 7.1%，达到 11.3 亿美元。其非 GAAP 每股利润为 0.85 美元，超出分析师共识预期 15.2%。</p>
</div><p><strong>ATI (ATI) Q3 CY2025 Highlights:</strong></p>
<div class="lb-trans"><p><strong>ATI (ATI) 2025 年第三季度亮点：</strong></p>
</div><ul>
<li><strong>Revenue:</strong> $1.13 billion vs analyst estimates of $1.13 billion (7.1% year-on-year growth, in line)</li>
<li><strong>Adjusted EPS:</strong> $0.85 vs analyst estimates of $0.74 (15.2% beat)</li>
<li><strong>Adjusted EBITDA:</strong> $225.1 million vs analyst estimates of $206 million (20% margin, 9.3% beat)</li>
<li><strong>Operating Margin:</strong> 14.4%, in line with the same quarter last year</li>
<li><strong>Free Cash Flow</strong> was $167 million, up from -$41.8 million in the same quarter last year</li>
<li><strong>Market Capitalization:</strong> $15.85 billion</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>收入：</strong> 11.3 亿美元，符合分析师预期的 11.3 亿美元（同比增长 7.1%，符合预期）</li>
<li><strong>调整后每股收益：</strong> 0.85 美元，超出分析师预期的 0.74 美元（超出 15.2%）</li>
<li><strong>调整后息税折旧摊销前利润（EBITDA）：</strong> 2.251 亿美元，超出分析师预期的 2.06 亿美元（20% 利润率，超出 9.3%）</li>
<li><strong>营业利润率：</strong> 14.4%，与去年同期持平</li>
<li><strong>自由现金流：</strong> 1.67 亿美元，较去年同期的-4180 万美元有所上升</li>
<li><strong>市值：</strong> 158.5 亿美元</li>
</ul>
</div><p><strong>Company Overview</strong></p>
<div class="lb-trans"><p><strong>公司概况</strong></p>
</div><p>With its materials flying in nearly every commercial and military aircraft in service today, ATI  produces highly specialized materials and components for aerospace, defense, medical, and energy applications using advanced metallurgy and manufacturing processes.</p>
<div class="lb-trans"><p>ATI 的材料几乎在今天所有的商业和军用飞机上都有应用，ATI 利用先进的冶金和制造工艺生产高度专业化的材料和组件，服务于航空航天、国防、医疗和能源应用。</p>
</div><p><strong>Revenue Growth</strong></p>
<div class="lb-trans"><p><strong>收入增长</strong></p>
</div><p>A company’s long-term performance is an indicator of its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Unfortunately, ATI’s 6.5% annualized revenue growth over the last five years was mediocre. This wasn’t a great result compared to the rest of the industrials sector, but there are still things to like about ATI.</p>
<div class="lb-trans"><p>一家公司的长期表现是其整体质量的指标。任何企业都可以在某个季度表现良好，但许多持久的企业会持续增长多年。不幸的是，ATI 在过去五年的年化收入增长为 6.5%，表现平平。与其他工业部门相比，这并不是一个好结果，但 ATI 仍有值得关注的地方。</p>
</div><p>We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. ATI’s recent performance shows its demand has slowed as its annualized revenue growth of 5.5% over the last two years was below its five-year trend.</p>
<div class="lb-trans"><p>我们在 StockStory 最重视长期增长，但在工业领域，五年的历史视角可能会错过周期、行业趋势或公司利用新合同或成功产品线等催化剂的机会。ATI 最近的表现显示，其需求放缓，过去两年的年化收入增长为 5.5%，低于五年趋势。</p>
</div><p>This quarter, ATI grew its revenue by 7.1% year on year, and its $1.13 billion of revenue was in line with Wall Street’s estimates.</p>
<div class="lb-trans"><p>本季度，ATI 的收入同比增长 7.1%，其 11.3 亿美元的收入与华尔街的预期一致。</p>
</div><p>Looking ahead, sell-side analysts expect revenue to grow 5.7% over the next 12 months, similar to its two-year rate. This projection is underwhelming and indicates its newer products and services will not lead to better top-line performance yet. At least the company is tracking well in other measures of financial health.</p>
<div class="lb-trans"><p>展望未来，卖方分析师预计未来 12 个月收入将增长 5.7%，与其两年的增长率相似。这个预测令人失望，表明其新产品和服务尚未能带来更好的收入表现。至少该公司在其他财务健康指标上表现良好。</p>
</div><p>Microsoft, Alphabet, Coca-Cola, Monster Beverage—all began as under-the-radar growth stories riding a massive trend. We’ve identified the next one: a profitable AI semiconductor play Wall Street is still overlooking. Go here for access to our full report.</p>
<div class="lb-trans"><p>微软、Alphabet、可口可乐、怪兽饮料——这些公司最初都是在一个巨大的趋势中崭露头角的增长故事。我们已经识别出下一个：一个盈利的 AI 半导体项目，华尔街仍在忽视。请访问这里获取我们的完整报告。</p>
</div><p><strong>Operating Margin</strong></p>
<div class="lb-trans"><p><strong>营业利润率</strong></p>
</div><p>ATI was profitable over the last five years but held back by its large cost base. Its average operating margin of 4.5% was weak for an industrials business.</p>
<div class="lb-trans"><p>在过去五年中，ATI 是盈利的，但受到其庞大成本基础的制约。其平均营业利润率为 4.5%，对于一家工业企业来说显得较弱。</p>
</div><p>On the plus side, ATI’s operating margin rose by 53.4 percentage points over the last five years, as its sales growth gave it operating leverage.</p>
<div class="lb-trans"><p>好的一面是，ATI 的营业利润率在过去五年中上升了 53.4 个百分点，因为其销售增长为其提供了经营杠杆。</p>
</div><p>In Q3, ATI generated an operating margin profit margin of 14.4%, in line with the same quarter last year. This indicates the company’s overall cost structure has been relatively stable.</p>
<div class="lb-trans"><p>在第三季度，ATI 的营业利润率为 14.4%，与去年同期持平。这表明公司的整体成本结构相对稳定。</p>
</div><p><strong>Earnings Per Share</strong></p>
<div class="lb-trans"><p><strong>每股收益</strong></p>
</div><p>Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.</p>
<div class="lb-trans"><p>收入趋势解释了一家公司的历史增长，但每股收益（EPS）的长期变化指向了这种增长的盈利能力——例如，一家公司可能通过过度的广告和促销支出来虚增其销售。</p>
</div><p>ATI’s EPS grew at an astounding 80.9% compounded annual growth rate over the last five years, higher than its 6.5% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.</p>
<div class="lb-trans"><p>ATI 的每股收益在过去五年中以惊人的 80.9% 的年复合增长率增长，超过了其 6.5% 的年化收入增长。这告诉我们，随着公司的扩张，其每股盈利能力得到了提升。</p>
</div><p>Diving into the nuances of ATI’s earnings can give us a better understanding of its performance. As we mentioned earlier, ATI’s operating margin was flat this quarter but expanded by 53.4 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its higher earnings; interest expenses and taxes can also affect EPS but don’t tell us as much about a company’s fundamentals.</p>
<div class="lb-trans"><p>深入分析 ATI 的收益可以让我们更好地理解其表现。正如我们之前提到的，ATI 本季度的营业利润率持平，但在过去五年中上升了 53.4 个百分点。这是其更高收益的最相关因素（除了收入影响）；利息支出和税收也会影响 EPS，但对公司基本面了解不多。</p>
</div><p>Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.</p>
<div class="lb-trans"><p>与收入一样，我们分析 EPS 的短期变化，以查看是否错过了业务的变化。</p>
</div><p>For ATI, its two-year annual EPS growth of 19.8% was lower than its five-year trend. We still think its growth was good and hope it can accelerate in the future.</p>
<div class="lb-trans"><p>对于 ATI，其两年的年 EPS 增长为 19.8%，低于其五年趋势。我们仍然认为其增长良好，并希望未来能够加速。</p>
</div><p>In Q3, ATI reported adjusted EPS of $0.85, up from $0.60 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects ATI’s full-year EPS of $3.10 to grow 17.5%.</p>
<div class="lb-trans"><p>在第三季度，ATI 报告的调整后每股收益为 0.85 美元，较去年同期的 0.60 美元有所上升。这个数字轻松超出了分析师的预期，股东应该对结果感到满意。在未来 12 个月内，华尔街预计 ATI 的全年 EPS 将达到 3.10 美元，增长 17.5%。</p>
</div><p><strong>Key Takeaways from ATI’s Q3 Results</strong></p>
<div class="lb-trans"><p><strong>ATI 第三季度业绩的关键要点</strong></p>
</div><p>We were impressed by how significantly ATI blew past analysts’ EBITDA expectations this quarter. We were also glad its adjusted operating income outperformed Wall Street’s estimates. On the other hand, its revenue missed and its revenue fell short of Wall Street’s estimates. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $116.75 immediately after reporting.</p>
<div class="lb-trans"><p>我们对 ATI 本季度超出分析师 EBITDA 预期的表现感到印象深刻。我们也很高兴其调整后的营业收入超出了华尔街的预期。另一方面，其收入未能达到华尔街的预期。总体来看，我们认为这是一个不错的结果，且有一些关键的上行空间。报告后，股价在 116.75 美元附近持平。</p>
</div><p>ATI may have had a good quarter, but does that mean you should invest right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free for active Edge members.</p>
<div class="lb-trans"><p>ATI 可能有一个不错的季度，但这是否意味着你现在应该投资？最新的季度确实重要，但在决定股票是否值得购买时，长期基本面和估值更为重要。我们在这里提供的可操作的完整研究报告中涵盖了这些内容，活跃的 Edge 会员可以免费阅读。</p>
</div>

ATI（NYSE:ATI）2025 财年第三季度财报结果：收入符合预期