Arconic Reports Third Quarter 2022 Results
Arconic reported third quarter 2022 sales of $2.3 billion, a 21% year-over-year increase but 11% lower than the previous quarter. The company posted a net loss of $65 million or $0.64 per share, a significant decline from a net income of $16 million in Q3 2021. This quarter included a $70 million asset impairment charge. Adjusted EBITDA fell 16% year-over-year to $143 million. Despite operational challenges and lower profitability in Europe, North American demand remains strong, and the company completed a $300 million share repurchase program.
- Revenue increased 21% year-over-year to $2.3 billion.
- Completed $300 million share repurchase authorization.
- North American demand remains strong despite European challenges.
- Net loss of $65 million compared to net income of $16 million in Q3 2021.
- Adjusted EBITDA declined 16% year-over-year to $143 million.
- Full-year 2022 revenue outlook lowered to $9.0-$9.3 billion from $9.2-$9.5 billion.
- Reduced full-year adjusted EBITDA expectations to $700-$730 million from $715-$765 million.
Third Quarter 2022 Highlights
-
Sales of
, up$2.3 billion 21% year over year, down11% from prior quarter -
Net loss of
, or$65 million per share, compared with net income of$0.64 , or$16 million per share, in 3Q 2021. Third quarter 2022 includes an after-tax, non-cash asset impairment charge of$0.15 related to the Extrusions segment business review$70 million -
Adjusted EBITDA of
, down$143 million 16% year over year -
Cash provided from operations of
$91 million
Third quarter 2022 Adjusted EBITDA was
Third Quarter Segment Performance |
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Revenue by Segment (in millions) |
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|
Quarter ended |
|||||||
|
|
|
||||||
Rolled Products |
$ |
1,861 |
|
$ |
1,559 |
|||
Building and Construction Systems |
|
321 |
|
|
|
257 |
|
|
Extrusions |
|
98 |
|
|
|
74 |
|
Adjusted EBITDA (in millions) |
||||||||
|
Quarter ended |
|||||||
|
|
|
||||||
Rolled Products |
$ |
111 |
|
$ |
155 |
|
||
Building and Construction Systems |
|
49 |
|
|
34 |
|
||
Extrusions |
|
(13 |
) |
|
(7 |
) |
||
Subtotal |
|
147 |
|
|
182 |
|
||
Corporate |
|
(4 |
) |
|
(11 |
) |
||
Adjusted EBITDA |
$ |
143 |
|
$ |
171 |
|
Outlook
The Company is updating its full-year 2022 outlook.
Share Repurchase Program
In the 2022 third quarter, the Company repurchased approximately 3.0 million shares for a total of approximately
About
Dissemination of Company Information
Forward-Looking Statements
This release contains statements that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "guidance," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements that reflect Arconic’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements, relating to the condition of, or trends or developments in, the ground transportation, aerospace, building and construction, industrial, packaging and other end markets; Arconic’s future financial results, operating performance, working capital, cash flows, liquidity and financial position; cost savings and restructuring programs;
Non-GAAP Financial Measures
Some of the information included in this release is derived from Arconic’s consolidated financial information but is not presented in Arconic’s financial statements prepared in accordance with accounting principles generally accepted in
Statement of Consolidated Operations (unaudited) (dollars in millions, except per-share amounts) |
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Quarter ended |
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|
|
|
|
|
|
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|
2022 |
|
2022 |
|
2021 |
|||||||
Sales |
$ |
2,280 |
|
$ |
2,548 |
|
$ |
1,890 |
||||
|
|
|
|
|||||||||
Cost of goods sold (exclusive of expenses below)(1) |
|
2,074 |
|
|
2,258 |
|
|
1,676 |
|
|||
Selling, general administrative, and other expenses |
|
62 |
|
|
73 |
|
|
63 |
|
|||
Research and development expenses |
|
9 |
|
|
9 |
|
|
8 |
|
|||
Provision for depreciation and amortization |
|
59 |
|
|
62 |
|
|
61 |
|
|||
Restructuring and other charges(2) |
|
112 |
|
|
2 |
|
|
14 |
|
|||
Operating (loss) income |
|
(36 |
) |
|
144 |
|
|
68 |
|
|||
|
|
|
|
|||||||||
Interest expense |
|
27 |
|
|
26 |
|
|
26 |
|
|||
Other expenses (income), net(3) |
|
27 |
|
|
(35 |
) |
|
15 |
|
|||
|
|
|
||||||||||
(Loss) Income before income taxes |
|
(90 |
) |
|
153 |
|
|
27 |
|
|||
(Benefit) Provision for income taxes |
|
(25 |
) |
|
38 |
|
|
11 |
|
|||
|
||||||||||||
Net (loss) income |
|
(65 |
) |
|
115 |
|
|
16 |
|
|||
|
|
|
|
|||||||||
Less: Net income attributable to noncontrolling interest |
|
– |
|
|
1 |
|
|
– |
|
|||
|
||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO ARCONIC CORPORATION |
$ |
(65 |
) |
$ |
114 |
|
$ |
16 |
|
|||
|
||||||||||||
|
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EARNINGS PER SHARE ATTRIBUTABLE TO ARCONIC CORPORATION COMMON STOCKHOLDERS: |
|
|
|
|||||||||
Basic: |
|
|
|
|||||||||
Net (loss) income |
$ |
(0.64 |
) |
$ |
1.08 |
|
$ |
0.15 |
|
|||
Weighted-average number of shares |
|
101,483,656 |
|
|
105,650,970 |
|
|
108,677,887 |
|
|||
|
|
|
|
|||||||||
Diluted: |
|
|
|
|||||||||
Net (loss) income |
$ |
(0.64 |
) |
$ |
1.05 |
|
$ |
0.15 |
|
|||
Weighted-average number of shares(4) |
|
101,483,656 |
|
|
108,044,957 |
|
|
112,115,436 |
|
|||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
COMMON STOCK OUTSTANDING AT THE END OF THE PERIOD |
|
101,484,590 |
|
|
104,499,058 |
|
|
107,097,586 |
|
(1) |
On
|
|
(2) |
In the quarter ended
|
|
|
In the quarters ended
|
|
(3) |
In the quarters ended
|
|
(4) |
For periods in which the Company generates net income, the diluted weighted-average number of shares include common share equivalents associated with outstanding employee stock awards. For periods in which the Company generates a net loss, the diluted weighted-average number of shares does not include any common share equivalents as their effect is anti-dilutive. |
Consolidated Balance Sheet (unaudited) (in millions) |
||||||||
|
|
|
||||||
ASSETS |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
312 |
|
$ |
335 |
|
||
Receivables from customers, less allowances of |
|
846 |
|
|
922 |
|
||
Other receivables |
|
170 |
|
|
226 |
|
||
Inventories |
|
1,750 |
|
|
1,630 |
|
||
Fair value of hedging instruments and derivatives |
|
138 |
|
|
1 |
|
||
Prepaid expenses and other current assets |
|
90 |
|
|
54 |
|
||
Total current assets |
|
3,306 |
|
|
3,168 |
|
||
|
|
|
||||||
Properties, plants, and equipment |
|
7,492 |
|
|
7,529 |
|
||
Less: accumulated depreciation and amortization |
|
5,014 |
|
|
4,878 |
|
||
Properties, plants, and equipment, net(1) |
|
2,478 |
|
|
2,651 |
|
||
|
|
294 |
|
|
322 |
|
||
Operating lease right-of-use-assets |
|
110 |
|
|
122 |
|
||
Deferred income taxes |
|
157 |
|
|
229 |
|
||
Other noncurrent assets |
|
77 |
|
|
88 |
|
||
Total assets |
$ |
6,422 |
|
$ |
6,580 |
|
||
|
|
|
||||||
LIABILITIES |
|
|
||||||
Current liabilities: |
|
|
||||||
Short term debt(2) |
$ |
150 |
|
$ |
– |
|
||
Accounts payable, trade |
|
1,489 |
|
|
1,718 |
|
||
Accrued compensation and retirement costs |
|
127 |
|
|
116 |
|
||
Taxes, including income taxes |
|
74 |
|
|
61 |
|
||
Environmental remediation |
|
27 |
|
|
15 |
|
||
Operating lease liabilities |
|
31 |
|
|
35 |
|
||
Fair value of hedging instruments and derivatives |
|
1 |
|
|
23 |
|
||
Other current liabilities |
|
101 |
|
|
95 |
|
||
Total current liabilities |
|
2,000 |
|
|
2,063 |
|
||
Long-term debt |
|
1,596 |
|
|
1,594 |
|
||
Accrued pension benefits |
|
589 |
|
|
717 |
|
||
Accrued other postretirement benefits |
|
392 |
|
|
411 |
|
||
Environmental remediation |
|
52 |
|
|
49 |
|
||
Operating lease liabilities |
|
82 |
|
|
90 |
|
||
Deferred income taxes |
|
11 |
|
|
12 |
|
||
Other noncurrent liabilities |
|
71 |
|
|
85 |
|
||
Total liabilities |
|
4,793 |
|
|
5,021 |
|
||
|
|
|
||||||
EQUITY |
|
|
||||||
|
|
|
||||||
Common stock |
|
1 |
|
|
1 |
|
||
Additional capital |
|
3,377 |
|
|
3,368 |
|
||
Accumulated deficit |
|
(461 |
) |
|
(552 |
) |
||
|
|
(300 |
) |
|
(161 |
) |
||
Accumulated other comprehensive loss |
|
(1,003 |
) |
|
(1,111 |
) |
||
|
|
1,614 |
|
|
1,545 |
|
||
Noncontrolling interest |
|
15 |
|
|
14 |
|
||
Total equity |
|
1,629 |
|
|
1,559 |
|
||
Total liabilities and equity |
$ |
6,422 |
|
$ |
6,580 |
|
(1) |
In the 2022 third quarter, the Company recorded an impairment charge of
|
|
(2) |
|
Statement of Consolidated Cash Flows (unaudited) (dollars in millions) |
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|
Quarter ended |
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|
|
|
|
|
|
|||||||
|
2022 |
|
2022 |
|
2021 |
|||||||
OPERATING ACTIVITIES |
|
|
|
|||||||||
Net (loss) income |
$ |
(65 |
) |
$ |
115 |
|
$ |
16 |
|
|||
Adjustments to reconcile net (loss) income to cash provided from (used for) operations: |
|
|
|
|||||||||
Depreciation and amortization |
|
59 |
|
|
62 |
|
|
61 |
|
|||
Deferred income taxes |
|
(42 |
) |
|
30 |
|
|
2 |
|
|||
Restructuring and other charges(1) |
|
112 |
|
|
2 |
|
|
14 |
|
|||
Net periodic pension benefit cost |
|
19 |
|
|
18 |
|
|
15 |
|
|||
Stock-based compensation |
|
6 |
|
|
8 |
|
|
8 |
|
|||
Amortization of debt issuance costs |
|
1 |
|
|
1 |
|
|
1 |
|
|||
Other |
|
6 |
|
|
(25 |
) |
|
4 |
|
|||
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments: |
|
|
|
|||||||||
Decrease (Increase) in receivables(2) |
|
207 |
|
|
(31 |
) |
|
(60 |
) |
|||
Decrease (Increase) in inventories |
|
134 |
|
|
(98 |
) |
|
(131 |
) |
|||
(Increase) Decrease in prepaid expenses and other current assets |
|
(12 |
) |
|
(9 |
) |
|
3 |
|
|||
(Decrease) Increase in accounts payable, trade |
|
(339 |
) |
|
80 |
|
|
65 |
|
|||
(Decrease) Increase in accrued expenses |
|
(8 |
) |
|
11 |
|
|
(21 |
) |
|||
Increase in taxes, including income taxes |
|
14 |
|
|
4 |
|
|
1 |
|
|||
Pension contributions |
|
(9 |
) |
|
(9 |
) |
|
(3 |
) |
|||
Decrease (Increase) in noncurrent assets |
|
2 |
|
|
– |
|
|
(1 |
) |
|||
Increase (Decrease) in noncurrent liabilities |
|
6 |
|
|
3 |
|
|
(16 |
) |
|||
CASH PROVIDED FROM (USED FOR) OPERATIONS |
|
91 |
|
|
162 |
|
|
(42 |
) |
|||
|
||||||||||||
FINANCING ACTIVITIES |
|
|
|
|||||||||
Net change in short term borrowings (original maturities of three months or less)(3) |
|
100 |
|
|
(50 |
) |
|
– |
|
|||
Repurchases of common stock(4) |
|
(86 |
) |
|
(37 |
) |
|
(97 |
) |
|||
Other |
|
1 |
|
|
1 |
|
|
(1 |
) |
|||
CASH PROVIDED FROM (USED FOR) FINANCING ACTIVITIES |
|
15 |
|
|
(86 |
) |
|
(98 |
) |
|||
|
||||||||||||
INVESTING ACTIVITIES |
|
|
|
|||||||||
Capital expenditures |
|
(47 |
) |
|
(33 |
) |
|
(51 |
) |
|||
Other |
|
3 |
|
|
– |
|
|
– |
|
|||
CASH USED FOR INVESTING ACTIVITIES |
|
(44 |
) |
|
(33 |
) |
|
(51 |
) |
|||
|
|
|
|
|||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
|
(2 |
) |
|
(1 |
) |
|
– |
|
|||
Net change in cash and cash equivalents and restricted cash |
|
60 |
|
|
42 |
|
|
(191 |
) |
|||
Cash and cash equivalents and restricted cash at beginning of period(5) |
|
252 |
|
|
210 |
|
|
540 |
|
|||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD(5) |
$ |
312 |
|
$ |
252 |
|
$ |
349 |
|
(1) |
For the quarter ended
|
|
(2) |
In
|
|
(3) |
Under the ABL Credit Facility, the Company borrowed
|
|
(4) |
In
|
|
(5) |
Cash and cash equivalents and restricted cash at beginning of period for all periods presented and Cash and cash equivalents and restricted cash at end of period for all periods presented includes Restricted cash of less than |
Segment Adjusted EBITDA Reconciliation (unaudited) (in millions) |
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|
Quarter ended |
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|
|
|
|
|
|
|||||||
|
2022 |
|
2022 |
|
2021 |
|||||||
Total Segment Adjusted EBITDA(1) |
$ |
147 |
|
$ |
215 |
|
$ |
182 |
|
|||
Unallocated amounts: |
|
|
|
|||||||||
Corporate expenses(2) |
|
(4 |
) |
|
(10 |
) |
|
(7 |
) |
|||
Stock-based compensation expense |
|
(6 |
) |
|
(8 |
) |
|
(8 |
) |
|||
Metal price lag(3) |
|
15 |
|
|
30 |
|
|
(21 |
) |
|||
Unrealized (losses) gains on mark-to-market hedging instruments and derivatives |
|
(7 |
) |
|
21 |
|
|
– |
|
|||
Provision for depreciation and amortization |
|
(59 |
) |
|
(62 |
) |
|
(61 |
) |
|||
Restructuring and other charges(4) |
|
(112 |
) |
|
(2 |
) |
|
(14 |
) |
|||
Other(5) |
|
(10 |
) |
|
(40 |
) |
|
(3 |
) |
|||
Operating (loss) income |
|
(36 |
) |
|
144 |
|
|
68 |
|
|||
Interest expense |
|
(27 |
) |
|
(26 |
) |
|
(26 |
) |
|||
Other (expenses) income, net(6) |
|
(27 |
) |
|
35 |
|
|
(15 |
) |
|||
Benefit (Provision) for income taxes |
|
25 |
|
|
(38 |
) |
|
(11 |
) |
|||
Net income attributable to noncontrolling interest |
|
– |
|
|
(1 |
) |
|
– |
|
|||
Consolidated net (loss) income attributable to |
$ |
(65 |
) |
$ |
114 |
|
$ |
16 |
|
(1) |
Arconic’s profit or loss measure for its reportable segments is Segment Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization). The Company calculates Segment Adjusted EBITDA as Total sales (third-party and intersegment) minus each of (i) Cost of goods sold, (ii) Selling, general administrative, and other expenses, and (iii) Research and development expenses, plus each of (i) Stock-based compensation expense, (ii) Metal price lag (see footnote 3), and (iii) Unrealized (gains) losses on mark-to-market hedging instruments and derivatives (see below). Arconic’s Segment Adjusted EBITDA may not be comparable to similarly titled measures of other companies’ reportable segments. |
|
|
|
|
|
Effective in the first quarter of 2022, management modified the Company’s definition of Segment Adjusted EBITDA to exclude the impact of unrealized gains and losses on mark-to-market hedging instruments and derivatives. This modification was deemed appropriate as |
|
|
|
|
|
Total Segment Adjusted EBITDA is the sum of the respective Segment Adjusted EBITDA for each of the Company’s three reportable segments: Rolled Products, Building and Construction Systems, and Extrusions. This amount is being presented for the sole purpose of reconciling Segment Adjusted EBITDA to the Company’s Consolidated net (loss) income. |
|
|
|
|
(2) |
Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities. |
|
|
|
|
(3) |
Metal price lag represents the financial impact of the timing difference between when aluminum prices included in Sales are recognized and when aluminum purchase prices included in Cost of goods sold are realized. This adjustment aims to remove the effect of the volatility in metal prices and the calculation of this impact considers applicable metal hedging transactions. |
|
|
|
|
(4) |
For the quarters ended |
|
|
|
|
(5) |
Other includes certain items that impact Cost of goods sold and Selling, general administrative, and other expenses on the Company’s Statement of Consolidated Operations that are not included in Segment Adjusted EBITDA, including those described as “Other special items” (see footnote 4 to the reconciliation of Adjusted EBITDA within Calculation of Non-GAAP Financial Measures included in this release). |
|
|
|
|
(6) |
For the quarters ended |
Calculation of Non-GAAP Financial Measures (unaudited) (in millions) |
||||||||||||
Adjusted EBITDA |
Quarter ended |
|||||||||||
|
|
|
|
|
||||||||
|
2022 |
|
2022 |
|
2021 |
|||||||
Net (loss) income attributable to |
$ |
(65 |
) |
$ |
114 |
|
$ |
16 |
|
|||
|
|
|
|
|||||||||
Add: |
|
|
|
|||||||||
Net income attributable to noncontrolling interest |
|
– |
|
|
1 |
|
|
– |
|
|||
(Benefit) Provision for income taxes |
|
(25 |
) |
|
38 |
|
|
11 |
|
|||
Other expenses (income), net(1) |
|
27 |
|
|
(35 |
) |
|
15 |
|
|||
Interest expense |
|
27 |
|
|
26 |
|
|
26 |
|
|||
Restructuring and other charges(2) |
|
112 |
|
|
2 |
|
|
14 |
|
|||
Provision for depreciation and amortization |
|
59 |
|
|
62 |
|
|
61 |
|
|||
Stock-based compensation |
|
6 |
|
|
8 |
|
|
8 |
|
|||
Metal price lag(3) |
|
(15 |
) |
|
(30 |
) |
|
21 |
|
|||
Unrealized losses (gains) on mark-to-market hedging instruments and derivatives |
|
7 |
|
|
(21 |
) |
|
– |
|
|||
Other special items(4) |
|
10 |
|
|
39 |
|
|
(1 |
) |
|||
|
||||||||||||
Adjusted EBITDA |
$ |
143 |
|
$ |
204 |
|
$ |
171 |
|
|||
|
|
|
||||||||||
Sales |
$ |
2,280 |
|
$ |
2,548 |
|
$ |
1,890 |
|
|||
|
|
|
|
|||||||||
Adjusted EBITDA Margin |
|
6.3 |
% |
|
8.0 |
% |
|
9.0 |
% |
Arconic’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for the following items: Provision for depreciation and amortization; Stock-based compensation; Metal price lag (see footnote 3); Unrealized (gains) losses on mark-to-market hedging instruments and derivatives (see below); and Other special items. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation and amortization. Special items are composed of restructuring and other charges, discrete income tax items, and other items as deemed appropriate by management. There can be no assurances that additional special items will not occur in future periods. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Arconic’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. |
|
Effective in the first quarter of 2022, management modified the Company’s definition of Adjusted EBITDA to exclude the impact of unrealized gains and losses on mark-to-market hedging instruments and derivatives. This modification was deemed appropriate as |
(1) |
For the quarters ended |
|
|
|
|
(2) |
For the quarters ended |
|
|
|
|
(3) |
Metal price lag represents the financial impact of the timing difference between when aluminum prices included in Sales are recognized and when aluminum purchase prices included in Cost of goods sold are realized. This adjustment aims to remove the effect of the volatility in metal prices and the calculation of this impact considers applicable metal hedging transactions. |
|
|
|
|
(4) |
Other special items include the following:
|
Adjusted EBITDA to |
Quarter ended |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
|
2022 |
|
2022 |
|
2022 |
|
2021 |
|
2021 |
|||||||||||
Adjusted EBITDA(1) |
$ |
143 |
|
$ |
204 |
|
$ |
205 |
|
$ |
175 |
|
$ |
171 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Change in working capital(2) |
|
(2 |
) |
|
(49 |
) |
|
(200 |
) |
|
11 |
|
(126 |
) |
||||||
Cash payments for: |
|
|
|
|
|
|||||||||||||||
Environmental remediation |
|
(1 |
) |
|
(2 |
) |
|
(4 |
) |
|
(40 |
) |
|
(23 |
) |
|||||
Pension contributions |
|
(9 |
) |
|
(9 |
) |
|
(4 |
) |
|
(2 |
) |
|
(3 |
) |
|||||
Other postretirement benefits |
|
(7 |
) |
|
(8 |
) |
|
(8 |
) |
|
(10 |
) |
|
(9 |
) |
|||||
Restructuring actions |
|
(2 |
) |
|
(1 |
) |
|
(2 |
) |
|
(4 |
) |
|
(2 |
) |
|||||
Interest |
|
(30 |
) |
|
(23 |
) |
|
(29 |
) |
|
(22 |
) |
|
(28 |
) |
|||||
Income taxes |
|
(3 |
) |
|
(23 |
) |
|
(4 |
) |
|
(10 |
) |
|
(4 |
) |
|||||
Capital expenditures |
|
(47 |
) |
|
(33 |
) |
|
(95 |
) |
|
(61 |
) |
|
(51 |
) |
|||||
Other(3) |
|
2 |
|
|
73 |
|
|
(57 |
) |
|
(2 |
) |
|
(18 |
) |
|||||
|
|
|
|
|
|
|||||||||||||||
Free Cash Flow(4) |
$ |
44 |
|
$ |
129 |
|
$ |
(198 |
) |
$ |
35 |
|
$ |
(93 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221101005202/en/
Investor Contact
(412) 315-2984
Investor.Relations@arconic.com
Media Contact
(412) 992-2525
Tracie.Gliozzi@arconic.com
Source:
FAQ
What were Arconic's Q3 2022 financial results?
How did Arconic's sales compare year-over-year?
What were the main challenges reported by Arconic in Q3 2022?
What changes were made to Arconic's full-year 2022 outlook?