Arconic ARNC reported third-quarter earnings of 58 cents per share on Tuesday, which beat the analyst consensus estimate of 52 cents by 11.54%. This is an 81.25% increase over earnings of 32 cents per share from the same period last year.
The company reported quarterly sales of $3.559 billion, which missed the analyst consensus estimate of $3.59 billion by 0.86%. This is a 0.99 % increase over sales of $3.524 billion the same period last year.
Arconic raised fiscal year 2019 EPS guidance from $1.95-$2.05 to $2.07-$2.11 versus the $2.04 estimate and cut sales guidance from $14.3 billion-$14.6 billion to $14.15 billion-$14.35 billion versus the $14.43 billion estimate.
"In the third-quarter 2019, the Arconic team delivered improved quarterly revenue, adjusted operating income, adjusted operating income margin, adjusted free cash flow and adjusted earnings per share on a year-over-year basis,” CEO John Plant said in a statement. “Arconic's third-quarter 2019 return on net assets improved by 550 basis points year over year. We expect this positive year-over-year trend to continue in the fourth quarter."
Arconic shares were trading down 0.97% at $28.50 in Tuesday’s pre-market session. The stock has a 52-week high of $28.91 and a 52-week low of $15.63.
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