ARNC - Arconic EPS of -$3.89 raises FY guidance

Arconic (NYSE:ARNC): Q2 EPS of -$3.89 may not be comparable to consensus of $0.49. Second quarter 2021 includes an after-tax charge of $423 million related to a partial annuitization of U.S. pension obligations. Revenue of $1.8B (+51.3% Y/Y) misses by $20M. The Company is updating its full-year 2021 outlook in light of the effects of increased metal price on revenue and working capital. Arconic now expects full-year 2021 revenue to be in a range of $7.3 billion to $7.6 billion ($7.29B consensus), compared with the prior outlook of $7.1 billion to $7.4 billion. This assumes an average annual LME aluminum price of $2,330/mt and Midwest Premium of $540/mt for the full year, versus prior assumptions for LME of $2,200/mt and Midwest Premium of $430/mt. Adjusted EBITDA expectations for full-year 2021 remain in a range of $710 million to $750 million. Adjusted free cash flow outlook for full-year 2021 is now expected to

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Arconic EPS of -$3.89, raises FY guidance