Arconic tops Q2 estimates but stock falls on soft guidance [MarketWatch]
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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arconic.com/global/en/investors/overview.asp
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Source: MarketWatch
a loss of $427 million, or $3.89 a share, in the year-earlier period. Sales climbed 41% to $2.5 billion. The FactSet consensus was for EPS of 73 cents and sales of $2.4 billion. The maker of aluminum for cars and airplanes said sales were boosted by the ramp up of packaging sales in the U.S., growth in ground transportation and building and construction sales, a recovery in aerospace, and aluminum prices. The company is tweaking its full-year guidance to reflect falling aluminum prices and their impact on revenue and working capital. It now expects revenue to range from $9.6 billion to $10.0 billion, compared with previous guidance of $10.1 billion to $10.5 billion. The forecast is based on expectations for LME aluminum prices of $2,500/mt and Midwest Premium of $700/mt, reduced from prior assumptions for LME of $3,350/mt and Midwest Premium of $850/mt when the company announced first-quarter earnings. Arconic also said it is pausing plans to sell its Kawneer business, a deal it had m
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