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Arconic swings to surprise loss as revenue edges ahead of consensus

Economy, Finance

Aluminum products maker Arconic Inc. said Tuesday it swung to a loss of $64 million, or 59 cents a share, in the fourth quarter, after income of $168 million, or $1.54 a share, in the year-earlier period. The number includes an after-tax charge of $108 million related to a partial annuitization of the Company’s U.S. pension obligations. Sales fell to $1.462 billion from $1.708 billion a year ago. The FactSet consensus was for EPS of 35 cents and sales of $1.457 billion. Revenue was up 3% from the prior quarter, mostly due to growth in ground transportation and industrial product demand, the company said in a statement. “In the packaging market, we are continuing commercial dialogue with key customers and scheduling qualification trials,” Chief Executive Tim Myers said. “Through the remainder of 2021, we will continue optimizing our capacity utilization to align with market demand and broader macroeconomic conditions.” The company is expecting 2021 revenue to range from $6.6 billion to $6.9 billion, ahead of the current FactSet consensus of $6.5 billion. Shares were not yet active premarket.

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