Arconic swings to profit as sales beat estimates
Arconic Inc. shares
ARNC,
were slightly lower in premarket trade Thursday, after the maker of aluminum products for planes and cars posted a smaller-than-expected third-quarter profit but beat revenue estimates. Arconic said it had net income of $5 million, or 5 cents a share, in the quarter, after a loss of $24 million, or 22 cents a share, in the year-earlier period. Sales fell to $1.415 billion from $1.805 billion. The FactSet consensus was for EPS of 14 cents and sales of $1.389 billion. “The steps we took to strengthen our financial position combined with the strong recovery of automotive demand and our employees’ hard work enabled us to end the temporary salary reductions and reinstate the 401k match for all impacted employees,” Chief Executive Tim Myers said in a statement, referring to measures taken to combat the effects of the coronavirus pandemic. The company is now expecting full-year sales to range from $5.6 billion to $5.7 billion, compared with a current FactSet consensus of $5.8 billion. Shares
