Arconic Raises Outlook

While reporting first-quarter results on Tuesday, Arconic Corp. (ARNC) updated its full-year 2022 outlook to reflect the impact of increased aluminum prices on revenue and working capital as well as improved profitability due to stronger price action realizations and building and construction market conditions. Revenue expectations are now in the range of $10.1 billion to $10.5 billion for full-year 2022 compared with the prior expected range of $9.9 billion to $10.3 billion. Adjusted EBITDA is now expected to be in the range of $820 million to $870 million compared with the prior range of $800 million to $850 million.

The company now expects full year 2022 adjusted free cash flow of approximately $125 million compared with the prior outlook of approximately $250 million due to higher working capital use associated with the increase in aluminum prices.

The company reported first quarter net income of $42 million, or $0.39 per share, compared to $52 million, or $0.46 per share, a year ago. Analysts on average had expected the company to earn $0.46 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Adjusted EBITDA was $205 million, an increase of 15% year over year.

Revenue for the quarter rose 30.4% to $2.19 billion from $1.68 billion last year.

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