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Arconic (ARNC) Announces Redemption of 5.72% Notes Due 2019
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Arconic Inc. has completed the previously indicated early redemption of all of its 5.72% Notes due 2019 in the total principal amount of roughly $500 million.
Per the company, holders of the notes were paid an aggregate amount of $516.8 million or $1033.60 per $1,000 total principal amount, in addition to unpaid and accrued interest but excluding the redemption date.
Notably, Arconic ended 2017 with cash and cash equivalents of roughly $2,150 million, up around 15.4% year over year. Long-term debt also went down 15.4% to $6,806 million.
The company has gained 1.5% in the past three months, underperforming the industry’s 17.5% growth.
For 2018, Arconic expects revenues in the range of $13.4-$13.7 billion and adjusted earnings in the range of $1.45-$1.55 per share. It expects free cash flow to be around $500 million.
Arconic also initiated portfolio and strategy review, which is expected to be completed by the end of this year. The company also declared a share repurchase program of up to $500 million.
Steel Dynamics has an expected long-term earnings growth rate of 12%. Its shares have soared 37.8% over the last six months.
Westlake Chemical has an expected long-term earnings growth rate of 12.2%. Its shares have moved up 50.3% over the past six months.
U.S. Steel has an expected long-term earnings growth rate of 8%. Its shares have rallied 65.1% over the last six months.
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The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
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Arconic (ARNC) Announces Redemption of 5.72% Notes Due 2019
Arconic Inc. has completed the previously indicated early redemption of all of its 5.72% Notes due 2019 in the total principal amount of roughly $500 million.
Per the company, holders of the notes were paid an aggregate amount of $516.8 million or $1033.60 per $1,000 total principal amount, in addition to unpaid and accrued interest but excluding the redemption date.
Notably, Arconic ended 2017 with cash and cash equivalents of roughly $2,150 million, up around 15.4% year over year. Long-term debt also went down 15.4% to $6,806 million.
The company has gained 1.5% in the past three months, underperforming the industry’s 17.5% growth.
For 2018, Arconic expects revenues in the range of $13.4-$13.7 billion and adjusted earnings in the range of $1.45-$1.55 per share. It expects free cash flow to be around $500 million.
Arconic also initiated portfolio and strategy review, which is expected to be completed by the end of this year. The company also declared a share repurchase program of up to $500 million.
Arconic Inc. Price and Consensus
Arconic Inc. Price and Consensus | Arconic Inc. Quote
Zacks Rank & Stocks to Consider
Arconic currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Steel Dynamics, Inc. (STLD - Free Report) , Westlake Chemical Corporation (WLK - Free Report) and United States Steel Corporation (X - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics has an expected long-term earnings growth rate of 12%. Its shares have soared 37.8% over the last six months.
Westlake Chemical has an expected long-term earnings growth rate of 12.2%. Its shares have moved up 50.3% over the past six months.
U.S. Steel has an expected long-term earnings growth rate of 8%. Its shares have rallied 65.1% over the last six months.
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 4 crypto-related stocks now >>