Arconic reports 4Q loss, adjusted results top views

Markets Associated Press

Arconic Inc. on Tuesday reported a loss of $1.25 billion million in its fourth quarter.

Continue Reading Below

On a per-share basis, the New York-based company said it had a loss of $2.88. Earnings, adjusted to account for discontinued operations and pretax expenses, came to 12 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.

The maker of engineered products for the aerospace and other industries posted revenue of $2.99 billion in the period.

For the current quarter ending in April, Arconic said it expects revenue in the range of $2.8 billion to $3 billion.

The company expects full-year earnings in the range of $1.10 to $1.20 per share, with revenue ranging from $11.8 billion to $12.4 billion.

Continue Reading Below

Arconic shares were up 41 cents, or 1.8 percent, to $23.20 in extended trading following the release of the earnings report.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARNC at https://www.zacks.com/ap/ARNC

_____

Keywords: Arconic, Earnings Report

___

This story has been corrected to show that in the fourth quarter Arconic lost $1.25 billion, not $701 million, and lost $2.88 per share, not $1.64 a share. Adjusted earnings were 12 cents a share, not 3 cents a share. The results beat, not missed, Wall Street expectations.