ARNC - Arconic rallies following Q1 beat and raise

Arconic (ARNC) +3% pre-market after reporting stronger than expected Q1 earnings and revenues while also raising full-year guidance, citing higher aluminum prices and strong orders from the aerospace sector.Q1 GAAP earnings totaled $52M, or $0.46/share, compared with $46M, or $0.42/share, in the year-earlier period.Arconic says it secured long-term contracts equal to more than $2B in aerospace revenue and negotiated agreements for ~$1.5B in North American packaging revenue through 2024.The company also completed a $1B U.S. pension partial annuitization and authorized a share buyback program of up to $300M.Arconic raises guidance for FY 2021 revenues to $7.1B-$7.4B from $6.6B-$6.9B previously, well above $6.62B analyst consensus estimate.Arconic also forecasts FY 2021 adjusted EBITDA of $710M-$750M, up from its prior outlook of $675M-$725M, and adjusted free cash flow of $300M-$400M.

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Arconic rallies following Q1 beat and raise