Shares of Arconic Corporation (ARNC) are rising more than 14% Tuesday morning after reporting better-than-expected first-quarter results. The company also provided full-year revenue outlook, that comes in above analysts’ view.
Arconic Corporation makes aluminum sheets, plates, extrusions, and architectural products.
Net income in the first quarter increased to $52 million, or $0.46 per share, from $46 million, or $0.42 per share, in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share.
Sales for the quarter increased 4% year-over-year to $1.7 billion, on increased demand. The consensus estimate was for $1.53 billion.
Arconic has raised its full-year 2021 revenue to the range of $7.1 billion to $7.4 billion from the prior outlook of $6.6 billion to $6.9 billion. Analysts’ view stands at $6.63 billion.
ARNC touched a new high of $34.29 this morning, before slipping to trade at $33.59 currently.
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