Arconic Shares Surge 6% Premarket After Company Beats On Profit, Raises Outlook

Shares of Arconic Inc. , the former aluminum operations of Alcoa before that company split in two, jumped 6% in premarket trade Monday, after the company beat second-quarter profit and sales estimates and raised its guidance. Arconic said it had net income of $212 million, or 43 cents a share, in the second quarter, up from $135 million, or 27 cents a share, in the year-earlier period. Excluding special items, EPS came to 32 cents, ahead of the FactSet consensus of 26 cents a share. Revenue rose 1% to $3.3 billion, also ahead of the FactSet consensus of $3.2 billion. The company said it is raising its full-year guidance after a "solid" first half, and now expects revenue of $12.3 billion to $12.7 billion, up from prior guidance of $11.8 billion to $12.4 billion. Adjusted EPS is expected to range from $1.15 to $1.20, up from a prior $1.10 to $1.20. The FactSet consensus is for full-year EPS of $1.16 and revenue of $12.5 billion.