Welcome to our dedicated page for Arconic Corporation news (Ticker: ARNC), a resource for investors and traders seeking the latest updates and insights on Arconic Corporation stock.
Arconic Corporation (symbol: ARNC) is a leading provider of advanced material solutions that address engineering's toughest challenges. With a rich history spanning over a century, Arconic combines innovation and technology to transform the aerospace, automotive, building, and energy industries. The company's core business revolves around the development and manufacturing of high-performance aluminum products used in critical applications worldwide.
Arconic's product portfolio includes rolled aluminum sheets, plates, and extrusions, which are integral to modern aircraft, automobiles, and industrial structures. These advanced materials are designed to enhance performance, reduce weight, and improve energy efficiency, making them indispensable in today's engineering landscape.
One of the company's significant achievements includes pioneering lightweight materials that contribute to fuel efficiency in the aerospace and automotive sectors. Arconic's commitment to sustainability and innovation is evident in its ongoing projects and partnerships aimed at reducing carbon emissions and promoting renewable energy sources.
Financially, Arconic has shown resilience and adaptability, navigating market fluctuations with strategic investments and cost-management initiatives. The company's robust financial health is supported by a diverse customer base and long-term contracts with industry giants.
Recent projects include collaborations with major automotive manufacturers to develop next-generation electric vehicles and partnerships with leading aerospace companies to create more efficient aircraft components. These ventures underline Arconic's role as a crucial player in shaping the future of transportation and infrastructure.
Stay updated with Arconic's progress as it continues to innovate and drive advancements across multiple sectors. Our advanced materials and technologies are set to transform entire industries, from the way we fly and drive to how we build and power our world.
Arconic Corporation (NYSE: ARNC) announced the completion of its sale of 100% of its Russian operations on November 15, 2022. This divestiture resulted in a significant after-tax loss of $304 million recorded in Q4 2022. Additionally, the anticipated 2022 Adjusted EBITDA outlook has been reduced by approximately $9 million due to the absence of the divested business's operating contribution. The company plans to discuss its Q4 2022 and full year results in a teleconference scheduled for February 21, 2023, ahead of the market opening.
Arconic Corporation (NYSE: ARNC) has initiated a two-year share repurchase program, allowing the buyback of up to $200 million of common stock. CEO Tim Myers emphasizes that share repurchases represent a high-return capital allocation, reaffirming the company's confidence in funding organic growth alongside share retirements.
The program, which follows a previous $300 million authorization, will proceed based on various factors like market conditions and financial performance, although there is no guarantee on the number of shares bought back.
Arconic Corporation (NYSE: ARNC) has successfully completed the sale of its entire Russian operations to Promishlennie Investitsii LLC for $230 million. This transaction, which received all necessary approvals, resolves legal restrictions imposed by the Federal Antimonopoly Service of the Russian Federation. CEO Tim Myers emphasized that operating in Russia had become increasingly challenging due to the geopolitical climate, and this divestiture allows for a focus on investments that will enhance shareholder returns.
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.
Arconic Corp. (NYSE: ARNC) will conduct a webcast and teleconference on November 1, 2022, at 10 a.m. Eastern Time to discuss its third quarter 2022 financial results. The press release with the financial results will be issued before the market opens on the same day. Investors can access the live webcast on the "Investor Relations" page of Arconic's website. Participants are encouraged to register in advance or 15 minutes prior to the event. A replay will be available for a limited time on the same page.
Arconic Corporation (NYSE: ARNC) announced its preliminary operating results for Q3 2022, expecting Adjusted EBITDA between
Arconic Corporation (NYSE: ARNC) reported second quarter 2022 results with sales of $2.5 billion, a 41% increase year over year and a 16% rise from the previous quarter. The company achieved net income of $114 million or $1.05 per share, contrasting with a net loss of $427 million in Q2 2021. Adjusted EBITDA grew 9% year over year to $204 million. Full-year revenue expectations were revised down to $9.6 billion to $10.0 billion due to falling aluminum prices. The company also paused the sale of its Kawneer business amid debt market uncertainties.
Arconic Corp. (NYSE: ARNC) will hold a webcast and teleconference on August 2, 2022, at 10 a.m. Eastern Time to discuss its second quarter 2022 financial results. The Company plans to release financial results prior to the market opening on the same day. Interested parties should dial in at least 10 minutes before the call. The dial-in numbers are (833) 634-5023 for domestic and +1(412) 902-4221 for international calls. The webcast will be available on Arconic's official website in the Investor Relations section.
The United Steelworkers (USW) announced that roughly 3,400 workers at Arconic locations have ratified a new four-year master contract. The contract, effective immediately, includes a 22% wage increase, a $4,000 essential worker appreciation bonus, and improved benefits including enhanced health and safety provisions. The agreement also adds Martin Luther King Jr. Day as a holiday and increases shift premiums. The deal was attributed to strong member solidarity and effective local union leadership during negotiations.
FAQ
What is the market cap of Arconic Corporation (ARNC)?
What does Arconic Corporation do?
What industries does Arconic serve?
How does Arconic contribute to sustainability?
What are some recent achievements of Arconic?
How can I stay updated with Arconic's latest news?
What types of products does Arconic manufacture?
Who are Arconic's main customers?
What are some of Arconic's current projects?
How does Arconic ensure financial stability?
What makes Arconic's materials advanced?
