Why Arconic Stock Is Down Today
Shares of Arconic (NYSE: ARNC) fell more than 10% on Tuesday after the aluminum products manufacturer reported an unexpected loss. Arconic before markets opened reported a fourth-quarter loss of $0.59 per share, compared to a consensus estimate for a $0.32 profit, on revenue that at $1.5 billion was slightly ahead of the $1.46 billion estimate. "Our fourth quarter results demonstrate a steady climb in revenue since the onset of the pandemic as several indicators point to growing customer demand in many of the markets we serve, particularly in the ground transportation and industrial sectors," CEO Tim Myers said in a statement.
