ATS Corp. (ATS) sank 27% on its Q1 results, with revenue landing below guidance and management pointing to more weakness in Q2…

… driven by a continued wind-down in transportation, order slippage, and large project timing - all of which are weighing on the backlog.

Alongside the print, management announced an 18-month cost-discipline initiative they expect will drive 250 bps of margin improvement once finished…

… though investors will likely wait for proof of execution before giving ATS shares a sustainable bid.

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