Arconic (ARNC) Tops Q3 EPS by 5c, Beats on Revenues; Reaffirms FY17 EPS/Revenue Guidance

Arconic (NYSE: ARNC) reported Q3 EPS of $0.33, $0.05 better than the analyst estimate of $0.28. Revenue for the quarter came in at $3.2 billion versus the consensus estimate of $3.07 billion.

Highlights

• Revenue of $3.2 billion, up 3% year over year; organic revenue1 up 5% year over year
• Net income attributable to Arconic of $119 million, or $0.22 per share, versus $166 million in the third quarter of 2016
• Excluding special items, adjusted income of $132 million, or $0.25 per share, versus $137 million in the third quarter of 2016
• Consolidated adjusted EBITDA2 of $430 million, up 14% year over year
• Excluding special items, consolidated adjusted EBITDA of $437 million, up 2% year over year
• Results include, in Corporate, a $49 million year-over-year pre-tax negative impact of last-in-first-out (LIFO) accounting and metal lag and, in the segments, an $11 million year-over-year pre-tax negative impact of higher aluminum prices
• Excluding special items, consolidated adjusted EBITDA margin of 13.5%, down 20 basis points year over year, reflecting a 240 basis point year-over-year negative impact of higher aluminum prices, LIFO and metal lag
• Net cost savings of 1.5% of revenues
• Cash balance of $1.8 billion
• Reaffirming full year Arconic earnings guidance

GUIDANCE:

Arconic sees FY2017 EPS of $1.15-$1.20, versus the consensus of $1.18. Arconic sees FY2017 revenue of $12.3-12.7 billion, versus the consensus of $12.5 billion.

For earnings history and earnings-related data on Arconic (ARNC) click here.

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