ARNC - Why Arconic Stock Is Down Today
Shares of Arconic (NYSE: ARNC) fell more than 10% on Tuesday after the aluminum products manufacturer reported an unexpected loss. The shortfall was primarily due to pension-related charges, but on what began as an ugly day on Wall Street, investors were in no mood for negative surprises.
Arconic before markets opened reported a fourth-quarter loss of $0.59 per share, compared to a consensus estimate for a $0.32 profit, on revenue that at $1.5 billion was slightly ahead of the $1.46 billion estimate. The company recorded a net loss of $64 million in the quarter, including a noncash after-tax charge of $108 million related to a partial annuitization of U.S. pension obligations.
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Why Arconic Stock Is Down Today