Arconic Corporation - ARNC STOCK NEWS

Arconic Corporation (NYSE: ARNC) announced its decision to sell its Russian operations, specifically the facility in Samara, due to the ongoing conflict in Ukraine and regulatory constraints from the Russian government. This sale will incur a charge of up to $500 million. CEO Tim Myers emphasized the company's focus on employee safety and their well-being during this transition. The review of strategic alternatives underscores Arconic's commitment to transparency and compliance with applicable laws.

The United Steelworkers (USW) announced a tentative four-year master contract with Arconic (NYSE: ARNC) covering 3,400 workers across multiple locations, including Davenport, Iowa, and Alcoa, Tennessee. The agreement, praised by USW District 11 Director Emil Ramirez, includes a 20% wage increase, no premium increases for healthcare, and improved pension benefits. Martin Luther King Jr. Day will be added as a holiday. The USW members will discuss the terms and are recommended to ratify the agreement.

Arconic Corp. (NYSE: ARNC) will host an in-person Investor Day on June 6, 2022, from 9:00 AM to 12:00 PM ET at the New York Stock Exchange. The executive leadership team will present updates on the company's strategic priorities and growth plans, followed by a Q&A session. A live webcast and materials will be available on the Investor Relations page of www.arconic.com, with a replay accessible after the event.

Arconic Corporation reported first quarter 2022 revenue of $2.2 billion, up 31% year-over-year and 2% from the prior quarter. Despite a net income decline to $42 million from $52 million in 1Q 2021, Adjusted EBITDA rose 15% to $205 million, marking a record for the standalone company. The update included raised full-year revenue and Adjusted EBITDA guidance, reflecting stronger aluminum prices and improved market conditions, though free cash flow expectations decreased due to increased working capital use. The company is also managing its business in Russia following the ongoing conflict in Ukraine.

Arconic Corp. (NYSE: ARNC) will hold a webcast and teleconference to discuss its first quarter 2022 financial results on May 3, 2022, at 10 a.m. Eastern Time. A press release detailing the financial results for the quarter ending March 31, 2022 will be issued prior to market opening on the same day. Interested participants should dial in at least 10 minutes early. For those unable to attend, a replay will be available on Arconic's Investor Relations page for one year.

Arconic Corporation (NYSE:ARNC) has appointed Daniel Fayock as its new Executive Vice President, Chief Legal Officer, and Corporate Secretary. With over 20 years of legal experience, Fayock previously served as Assistant General Counsel at PPG Industries, where he managed the Law and Compliance Department and advised the Board of Directors on ESG strategies. He holds a law degree from Duquesne University and a bachelor’s in accounting from Washington & Jefferson College. Fayock’s appointment enhances Arconic’s leadership in legal and compliance matters.

Arconic Corp. (NYSE: ARNC) has announced a halt to new contracts in Russia, focusing solely on fulfilling existing obligations as per applicable laws and regulations. The company emphasizes the safety and well-being of its employees. To assist those affected by the conflict, the Arconic Foundation is donating $300,000 to humanitarian relief organizations and matching donations made by employees. Arconic specializes in aluminum sheets, plates, and extrusions, providing innovative products across various markets including aerospace and construction.

Arconic Corporation (NYSE: ARNC) reported a fourth quarter 2021 revenue of $2.1 billion, marking a 46% year-over-year increase. Despite a net loss of $38 million (or $0.36 per share), this was an improvement from a $64 million loss in Q4 2020. The full year 2021 revenue reached $7.5 billion, up 32% year-over-year, yet a net loss of $397 million persisted. The Adjusted EBITDA rose 15% for the year to $712 million. The company repurchased approximately 4.9 million shares for $161 million as part of a $300 million buyback program.

Arconic Corp. (NYSE: ARNC) will hold a webcast and teleconference to discuss its fourth quarter and full year 2021 financial results on February 18, 2022, at 10 a.m. ET. The financial results will be released prior to market opening on the same day. Interested parties should dial in at least 10 minutes early. The conference call can be accessed at (833) 614-1535 for domestic and +1(520) 809-9937 for international callers with Conference ID: 9029689. A replay will be available for one year on the company's Investor Relations website.