Arconic (ARNC) Misses Q4 EPS by 91c

Arconic (NYSE: ARNC) reported Q4 EPS of ($0.59), $0.91 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $1.46 billion versus the consensus estimate of $1.46 billion.

Fourth Quarter 2020 Highlights

• Sales of $1.462 billion, up 3% from prior quarter, down 14% year over year
• Net loss of $64 million, or $0.59 per share, compared to net income of $168 million, or $1.54 per share, in fourth quarter 2019. The fourth quarter 2020 includes an after-tax charge of $108 million related to a partial annuitization of the Company’s U.S. pension obligations.
• Adjusted EBITDA of $151 million and Adjusted EBITDA margin of 10.3%
• Cash used for operations was $12 million and capital expenditures were $37 million
• Quarter-end cash balance of $787 million, debt of $1.3 billion, and net debt of $504 million

Tim Myers, Chief Executive Officer, said, “In our first nine months, we have weathered a global pandemic, made broad improvements on the corporate and operational fronts, and built a foundation for growing profitability and free cash flow over the next several years.” Mr. Myers continued, “Our fourth quarter results demonstrate a steady climb in revenue since the onset of the pandemic as several indicators point to growing customer demand in many of the markets we serve, particularly in the ground transportation and industrial sectors. In the packaging market, we are continuing commercial dialogue with key customers and scheduling qualification trials. Through the remainder of 2021, we will continue optimizing our capacity utilization to align with market demand and broader macroeconomic conditions.”

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

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