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Arconic reported third quarter 2021 results with sales of $1.9 billion, a 34% increase year over year and 5% from the prior quarter. Net income stood at $16 million ($0.15 per share), up from $5 million ($0.05) in Q3 2020. Adjusted EBITDA was $171 million, up 4% year over year but down 9% sequentially due to labor shortages and energy costs. Full-year revenue expectations are now between $7.5 billion and $7.7 billion. The company repurchased shares worth $97 million in Q3, bringing total buybacks for the year to $106 million.
Arconic Corp. (NYSE: ARNC) will hold a webcast and teleconference on November 2, 2021, at 10 a.m. ET to discuss its third quarter 2021 financial results. The results will be announced prior to the market opening on the same day. Interested participants should dial in at least 10 minutes early. The conference call can be accessed at (833) 614-1535 or +1(520) 809-9937 for international calls, with Conference ID: 2674839. A replay will be available on Arconic's Investor Relations page for one year.
Arconic Corporation (NYSE: ARNC) reported its second quarter 2021 results, revealing a revenue of $1.8 billion, an 8% increase from the prior quarter, driven mainly by higher aluminum prices despite a decline in ground transportation. The company posted a net loss of $427 million, impacted by a $423 million pension settlement charge. Adjusted EBITDA rose 89% year-over-year to $187 million, with a margin of 10.4%. The revenue outlook for 2021 has been raised to $7.3-$7.6 billion, while adjusted free cash flow expectations have decreased to approximately $250 million due to pension-related contributions.
Arconic Corp. (NYSE: ARNC) is set to hold a webcast and teleconference on August 3, 2021, at 10 a.m. Eastern Time to discuss its second quarter 2021 financial results. The company will release its financial results prior to market opening on the same day. Interested participants should dial in at least 10 minutes early. Conference call details include a domestic number of (833) 614-1535 and an international number of +1(520) 809-9937, along with Conference ID: 2740106. The webcast will be available on Arconic's Investor Relations website and a replay will be offered for one year.
Arconic Corporation (NYSE: ARNC) reported first quarter 2021 results, showing a revenue increase of 15% quarter-over-quarter to $1.7 billion, driven by higher aluminum prices. Net income rose to $52 million ($0.46 per share) compared to $46 million ($0.42 per share) in Q1 2020. Adjusted EBITDA was $179 million, down 12% year-over-year but up sequentially by 19%. Cash used for operations totaled $294 million. The company expects improved performance due to growth in international packaging and industrial markets, prompting an increase in the 2021 revenue outlook.
Arconic Corporation (NYSE: ARNC) has transferred approximately $1 billion of its U.S. pension plan obligations to Massachusetts Mutual Life Insurance Company. This move affects around 8,400 retirees and beneficiaries, ensuring their pension benefits remain unchanged. CEO Tim Myers emphasized the aim to reduce legacy liabilities and manage funding status effectively. To support this transition, Arconic contributed $250 million to its pension plans, funded by a $300 million debt offering. The company anticipates a $575 million non-cash pension settlement charge in Q2 2021.
Arconic Corp. (NYSE: ARNC) will host a webcast and teleconference on May 4, 2021, at 10 a.m. ET to discuss its first quarter 2021 financial results, which will be released before the market opens on the same day. Participants are encouraged to join at least 10 minutes early. The conference call can be accessed at (833) 614-1535 or +1(520) 809-9937 internationally, using Conference ID: 6499197. A replay will be available for one year, and details can be found on the Investor Relations section of www.arconic.com.
Arconic Corp. (NYSE: ARNC) has successfully closed an offering of an additional $300 million in 6.125% Senior Secured Second-Lien Notes due 2028, sold at 106.25% of par, generating approximately $314 million in net proceeds. CEO Tim Myers emphasized the commitment to reducing legacy pension obligations, with plans to use the proceeds for the annuitization of pension plan obligations, enhancing liquidity. The Additional Notes are fully guaranteed by the company's domestic subsidiaries and are secured on a second-priority basis.
Arconic Corporation (NYSE: ARNC) has priced an additional offering of $300 million in 6.125% Senior Secured Second-Lien Notes due 2028. The offering price is set at 106.25% of the principal amount, with proceeds aimed at general corporate purposes, including pension plan funding. The sale is expected to close by March 3, 2021, subject to conditions. The Notes will be guaranteed by Arconic's subsidiaries and secured by certain assets. This issue will be treated as a single series with existing notes and sold to qualified institutional buyers under specific regulations.
