ARNC - Arconic issues mixed Q4 results; higher aluminum prices offset by higher costs

Arconic (NYSE:ARNC) +0.3% pre-market after reporting a narrower Q4 loss than in the same quarter last year, although the $0.36/share result may not be comparable to the $0.49/share analyst consensus. Q4 net loss was $38M, compared with a year-ago net loss of $64M, as the 2021 figure includes a $65M goodwill impairment charge, and adjusted EBITDA rose 16% Y/Y and 2% Q/Q to $175M. Q4 revenues rose 46% Y/Y and 13% Q/Q to $2.14B, as the company cited higher aluminum prices and growth in packaging, industrial and ground transportation volumes; cost of goods sold jumped 52% to $1.9B, which lowered gross margin to 11.2% from 14.6%. For FY 2022, Arconic guides for revenues of $9.9B-$10.3B, well above $8.71B analyst consensus estimate, adjusted EBITDA of $800M-$850M, and free cash flow of ~$250M; guidance assumes LME aluminum price of $3,000/mt and Midwest Premium of $700/mt for the full year. "We continue to

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Arconic issues mixed Q4 results; higher aluminum prices offset by higher costs