ARNC - Arconic GAAP EPS of -$0.64 revenue of $2.28B updates FY guidance

• Arconic press release ( NYSE: ARNC ): Q3 GAAP EPS of -$0.64.
• Revenue of $2.28B (+20.6% Y/Y).
• Adjusted EBITDA of $143 million, down 16% year over year
• Cash provided from operations of $91 million
• Outlook:
• The Company is updating its full-year 2022 outlook. Arconic revenue expectations are now in the range of $9.0 billion to $9.3 billion for full-year 2022 compared with the prior expected range of $9.2 billion to $9.5 billion. This assumes LME aluminum price of $2,300/mt and Midwest Premium of $550/mt. Adjusted EBITDA is expected to be in the range of $700 million to $730 million compared to the previously guided range of $715 million to $765 million. The reduction was primarily caused by issues on the Lancaster hot mill, which returned to service from a scheduled outage in late-September. During the outage, a piece of equipment was upgraded to increase capacity, but it is running well below pre-outage rates since returning to production. The production rates from the hot mill have improved throughout October and are expected to return to normal rates by the end of the fourth quarter 2022. Free cash flow for full-year 2022 is now anticipated to be approximately $150 million compared to the prior expectation of approximately $200 million due to reduced profitability and increased working capital.

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