Arconic: 2Q Earnings Snapshot
NEW YORK (AP) _ Arconic Inc. (ARNC) on Friday reported a second-quarter loss of $121 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of 27 cents. Earnings, adjusted for one-time gains and costs, were 58 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The maker of engineered products for the aerospace and other industries posted revenue of $3.69 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $3.64 billion.
For the current quarter ending in October, Arconic expects its per-share earnings to range from 47 cents to 53 cents.
The company expects full-year earnings in the range of $1.90 to $2.05 per share, with revenue ranging from $14.3 billion to $14.6 billion.
Arconic shares have increased 44% since the beginning of the year. The stock has increased 14% in the last 12 months.