Arconic (ARNC) Tops Q1 EPS by 4c, Revenues Beat; Raises FY19 EPS/Adj. FCF Guidance, Affirms FY19 Revenue Views

Arconic (NYSE: ARNC) reported Q1 EPS of $0.43, $0.04 better than the analyst estimate of $0.39. Revenue for the quarter came in at $3.54 billion versus the consensus estimate of $3.53 billion.

• Revenue of $3.5 billion, up 3% year over year; organic revenue1 up 9% year over year
• Net income of $187 million, or $0.39 per share, versus net income of $143 million, or $0.29 per share, in the first quarter 2018
• Net income excluding special items of $208 million, or $0.43 per share, versus $169 million, or $0.34 per share, in the first quarter 2018
• Operating income of $374 million, up 12% year over year
• Operating income excluding special items of $397 million, up 15% year over year
• Operating income margin excluding special items up 120 basis points year over year

Arconic Chairman and Chief Executive Officer John Plant said, “In the first quarter 2019, the Arconic team improved revenue, expanded margins, improved adjusted free cash flow year over year, and delivered the highest quarterly adjusted operating income, adjusted earnings per share and RONA since 2016 separation. We expect this positive trend to continue in the second quarter. As plans for separation move forward, we are also acting swiftly to reduce costs to be in line with industry leading peers and are targeting the sale of certain businesses that are non-core to either of the future entities. These actions will help drive the margin performance of the company.”

GUIDANCE:

Arconic sees FY2019 EPS of $1.75-$1.90, versus the consensus of $1.64. Arconic sees FY2019 revenue of $14.3-14.6 billion, versus the consensus of $14.43 billion.

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

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