ARNC Stock: From $29.32 To $34.29 (16.95% Increase) Intraday Explanation

By Amit Chowdhry ● May 4, 2021
  • The stock price of Arconic Corp (NYSE: ARNC) increased from $29.32 to $34.29 (up 16.95%) during intraday trading. This is why it happened.

The stock price of Arconic Corp (NYSE: ARNC) increased from $29.32 to a day high of $34.29 (up 16.95%) during intraday trading this morning. Investors are responding positively to the company’s first-quarter 2021.

These are the highlights:

— Sales of $1.7 billion, up 4% year over year, and up 15% from the prior quarter

— Net income of $52 million, or $0.46 per share, compared with $46 million, or $0.42 per share, in first-quarter 2020

— Adjusted EBITDA of $179 million, down 12% year over year, up 19% from prior quarter, and Adjusted EBITDA margin of 10.7%

Significant contract wins:

— Secured long-term contracts representing more than $2 billion in aerospace revenue

— Negotiated agreements representing approximately $1.5 billion in North American packaging revenue from 2022-2024

Post-Quarter Highlights:

— Completed $1 billion U.S. pension partial annuitization

— Board authorized a $300 million share repurchase program

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.