Arconic: 2Q Earnings Snapshot
NEW YORK (AP) _ Arconic Inc. (ARNC) on Tuesday reported second-quarter earnings of $120 million.
On a per-share basis, the New York-based company said it had net income of 24 cents. Earnings, adjusted for non-recurring costs and restructuring costs, were 37 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The maker of engineered products for the aerospace and other industries posted revenue of $3.57 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $3.47 billion.
Arconic expects full-year earnings in the range of $1.17 to $1.27 per share, with revenue in the range of $13.7 billion to $14 billion.
Arconic shares have fallen 23 percent since the beginning of the year. The stock has decreased 16 percent in the last 12 months.