ARNC - Arconic posts Q2 loss but raises full-year revenue guidance
Arconic (NYSE:ARNC) -0.3% pre-market after reporting a $427M loss for Q2, larger than the $96M loss in the same period last year, but it raises full-year revenue guidance in light of the effects of increased metal prices. Arconic now expects FY 2021 revenues of $7.3 B-$7.6B, raised from a prior outlook of $7.1B-$7.4B and above $7.29B analyst consensus estimate, after raising forecast prices for LME aluminum and Midwest Premium. The company also raises its adjusted free cash flow outlook for the full year to ~$250M, compared to prior guidance of $300M-$400M; the new outlook does not include a $250M contribution to U.S. pension plans in April in connection with the $1B annuitization of U.S. pension obligations. Q2 adjusted EBITDA improved 89% Y/Y and 4% Q/Q to $187M. Q2 revenues rose 52% Y/Y and 8% Q/Q to $1.8B, including a 67.5% increase in the rolled products segment to $1.47B.
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Arconic posts Q2 loss but raises full-year revenue guidance