Arconic Clocks 21% Sales Growth In Q3 Aided By Its Segments; Slashes FY22 Outlook

Arconic Corp ARNC reported third-quarter sales growth of 21% year-over-year to $2.3 billion, beating the consensus of $2.17 billion.
Net loss of $(65) million, or $(0.64) per share, included an after-tax, non-cash asset impairment charge of $70 million related to the Extrusions segment business review.
Segments: Rolled Products $1.86 billion (+19.4% Y/Y), Building and Construction Systems $321 million (+24.9% Y/Y), and Extrusions $98 million (+32.4% Y/Y).
Adjusted EBITDA was $143 million (-16% Y/Y), and the margin contracted by 270 bps to 6.3%.
Free cash flow was $44 million. The cash balance was $312 million.
FY22 Outlook: ARNC updated its FY22 outlook to reflect the impact of declining aluminum prices on revenue and working capital.
Arconic now expects revenue of $9.0 billion - $9.3 billion, compared to the prior $9.2 billion - $9.5 billion, versus the consensus of $9.05 billion.
Adjusted EBITDA guidance is $700 million- $730 million, down from the prior $715 million - $765 million.
Free cash flow guidance is ~$150 million, down from the prior ~$200 million.
Price Action: ARNC shares are trading higher by 1.35% at $21.04 on the last check Tuesday.
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