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Arconic Reports Second Quarter 2020 Results

Metal News - Published on Wed, 12 Aug 2020

Image Source: Arconic Reports
Arconic Corporation announced second quarter 2020 results, with reported revenue of USD 1.2 billion, down 38% year over year on weaker volumes across all segments and most end markets primarily due to the impact of the COVID-19 pandemic. The Company reported a net loss of USD 92 million, in second quarter 2020 compared with net income of USD 5 million. Arconic Chief Executive Officer Tim Myers said “As we launched a new company in the midst of a global pandemic, we quickly responded to keep our employees safe and continue supply to our customers. Additionally, we implemented strategic and financial actions to conserve cash and maintain our strong position in the markets we serve, which will enable us to benefit from strong secular growth trends.”

Arconic began operating as a standalone company on April 1, when sudden declines in critical end markets due to the COVID-19 pandemic shut down many of its customers’ production facilities around the world.

Revenue by Segment ($ in millions)
HeadingApr-Jun'20Apr-Jun'19YoY
Rolled Products8801,486-41%
Building and Construction Systems230292-21%
Extrusions81145-44%
 


Adjusted EBITDA ($ in millions)
HeadingApr-Jun'20Apr-Jun'19YoY
Rolled Products78185-58%
Building and Construction Systems38380%
Extrusions-13-
Subtotal103223-54%
Corporate-9-1225%
Adjusted EBITDA94211-55%
 

Source :

Posted By : Yogender Pancholi on Wed, 12 Aug 2020
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