Arconic Shares Rally As Quarterly Earnings Beat Street View

By Wallace Witkowski Markets MarketWatch Pulse

Arconic Inc. shares surged in the extended session Tuesday after the aerospace and carmaker supplier's earnings topped Wall Street estimates. Arconic shares rallied 6.8% to $28.80 after hours. The company reported adjusted first-quarter earnings of 33 cents a share on revenue of $3.19 billion. Analysts surveyed by FactSet had forecast earnings of 24 cents a share on revenue of $3 billion. "Solid performance, strong net cost reduction and some additional tailwinds allowed Arconic to deliver a stronger than anticipated first quarter of 2017," said Arconic Interim Chief Executive David Hess in a statement. On Monday, Arconic postponed its annual shareholder meeting as it assessed activist-backed nominees to its board.

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