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Here's How Arconic Performed After Its First Ever Earnings Report
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Shares of Arconic Inc. were up by 11% at its highest on Wednesday following the release of their fourth quarter earnings result on Tuesday, despite reporting a net loss.
Formerly known as Alcoa Inc. (AA - Free Report) , the company split into Arconic and Alcoa, two independent and public traded companies, on Nov. 1, 2016. Arconic provides multi-materials, precision engineered products and advanced manufacturing to mainly aerospace and transportation related businesses.
Arconic reported a net loss of $1.2 billion or $2.88 per share. This is their first earnings release since their separation from Alcoa.
Alcoa also reported a net loss of $125 million or $0.68 per share on their fourth quarter earnings result; however, after excluding special items, the company has an adjusted net income of $26 million or $0.14 per share. On Wednesday, Alcoa opened the market with $36.58 and closed at $36.26 with a high of $37.19.
“In the fourth quarter we completed the successful separation of Alcoa Inc., which has unlocked substantial value for all shareholders,” said Arconic CEO and Chairman Klaus Kleinfeld.
In Q4, both earnings per share and revenue beat the Zacks Consensus Estimate. Excluding one-time items, earning came in at 12 cents per share, topping the Zacks Consensus Estimate of 11 cents. Arconic’s revenues of $2.967 billion, for the quarter also surpassed the Zacks Consensus Estimate of $2.925 billion.
“In 2017 we are squarely focused on operational improvements, margin expansion, and capital efficiency to drive shareholder returns,” said Kleinfeld.
Today, shares of Arconic are pretty much flat, only trading up about 0.02% in late-morning trading. ARNC is a #2 (Buy) on Zacks Rank.
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Here's How Arconic Performed After Its First Ever Earnings Report
Shares of Arconic Inc. were up by 11% at its highest on Wednesday following the release of their fourth quarter earnings result on Tuesday, despite reporting a net loss.
Formerly known as Alcoa Inc. (AA - Free Report) , the company split into Arconic and Alcoa, two independent and public traded companies, on Nov. 1, 2016. Arconic provides multi-materials, precision engineered products and advanced manufacturing to mainly aerospace and transportation related businesses.
Arconic reported a net loss of $1.2 billion or $2.88 per share. This is their first earnings release since their separation from Alcoa.
Alcoa also reported a net loss of $125 million or $0.68 per share on their fourth quarter earnings result; however, after excluding special items, the company has an adjusted net income of $26 million or $0.14 per share. On Wednesday, Alcoa opened the market with $36.58 and closed at $36.26 with a high of $37.19.
“In the fourth quarter we completed the successful separation of Alcoa Inc., which has unlocked substantial value for all shareholders,” said Arconic CEO and Chairman Klaus Kleinfeld.
In Q4, both earnings per share and revenue beat the Zacks Consensus Estimate. Excluding one-time items, earning came in at 12 cents per share, topping the Zacks Consensus Estimate of 11 cents. Arconic’s revenues of $2.967 billion, for the quarter also surpassed the Zacks Consensus Estimate of $2.925 billion.
“In 2017 we are squarely focused on operational improvements, margin expansion, and capital efficiency to drive shareholder returns,” said Kleinfeld.
Today, shares of Arconic are pretty much flat, only trading up about 0.02% in late-morning trading. ARNC is a #2 (Buy) on Zacks Rank.
Long-Term Buys You Won't See in the NewsThe stocks you see in today's headlines may not be in the news tomorrow or next week. If you're looking for profitable long-term investments, you may be interested to see what Zacks Research is recommending to our private members. These moves have double and triple-digit profit potential. Starting now, you can look inside our stocks under $10, home run and value stock portfolios, plus more. Want a peek at this exclusive information? Click here>>