Arconic fourth-quarter profit and sales fall short of estimates

Arconic fourth-quarter profit and sales fall short of estimates

Arconic Inc. said Monday it had net income of $309 million, or 70 cents a share, in the fourth quarter, up from $218 million, or 44 cents a share, in the year-earlier period. The maker of aluminum products for aircraft and cars said adjusted per-share earnings came to 53 cents, just below the FactSet consensus of 54 cents. Sales fell to $3.401 billion from $3.472 billion, also below the $3.477 billion FactSet consensus. The company said it is now expecting 2020 adjusted EPS of $2.22 to $2.42 on revenue of $13.9 billion to $14.2 billion. The current FactSet consensus is for EPS of $2.36 and revenue of $14.2 billion. Shares were not yet active premarket, but have gained 57% in the last 12 months, while the S&P 500 has gained 24%.

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