As previously announced, Arconic Corporation (NYSE: ARNC)
(“Arconic” or “the Company”) completed the sale of 100% of its
Russian operations on November 15, 2022. As a result of the
divestiture, and consistent with the sale announcement, the Company
recorded a $304 million after-tax loss on the sale in the fourth
quarter of 2022. In addition, the Company’s previous 2022 Adjusted
EBITDA outlook, which included a full year of operating activity
for the divested business, will be reduced by an estimated $9
million.
Conference Call Information
The Company will hold a webcast and teleconference to discuss
fourth quarter 2022 and full year 2022 financial results on
Tuesday, February 21, 2023 at 10 a.m. Eastern Time. The Company
will issue its press release announcing financial results for the
fourth quarter and full year ended December 31, 2022, prior to the
opening of the market on February 21, 2023.
A live webcast of the call will be available on the “Investor
Relations” page of the Company’s website under “Events and
Presentations” here.
To access the call by phone and participate in the event, please
go to this link, and you will be provided dial-in details.
Participants are requested to register a day in advance or at a
minimum 15 minutes before the start of the call. A replay of the
webcast will also be available for a limited time at Investor
Relations “Events and Presentations” section of
www.arconic.com.
About Arconic
Arconic Corporation (NYSE: ARNC), headquartered in Pittsburgh,
Pennsylvania, is a leading provider of aluminum sheet, plate and
extrusions, as well as innovative architectural products, that
advance the ground transportation, aerospace, industrial, packaging
and building and construction markets.
Dissemination of Company Information
Arconic intends to make future announcements regarding Company
developments and financial performance through its website at
www.arconic.com.
Forward-Looking Statements
This release contains statements that relate to future events
and expectations and, as such, constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include those
containing such words as "anticipates," "believes," "could,"
"estimates," "expects," "forecasts," "goal," "guidance," "intends,"
"may," "outlook," "plans," "projects," "seeks," "sees," "should,"
"targets," "will," "would," or other words of similar meaning. All
statements that reflect Arconic’s expectations, assumptions,
projections, beliefs or opinions about the future, other than
statements of historical fact, are forward-looking statements,
including, without limitation, statements, relating to the
condition of, or trends or developments in, the ground
transportation, aerospace, building and construction, industrial,
packaging and other end markets; Arconic’s future financial
results, operating performance, working capital, cash flows,
liquidity and financial position; cost savings and restructuring
programs; Arconic's strategies, outlook, business and financial
prospects; share repurchases; costs associated with pension and
other post-retirement benefit plans; projected sources of cash
flow; potential legal liability; the impact of inflationary price
pressures; and the potential impact of public health epidemics or
pandemics, including the COVID-19 pandemic. These statements
reflect beliefs and assumptions that are based on Arconic’s
perception of historical trends, current conditions and expected
future developments, as well as other factors Arconic believes are
appropriate in the circumstances. Forward-looking statements are
not guarantees of future performance, and actual results may differ
materially from those indicated by these forward-looking statements
due to a variety of risks, uncertainties and changes in
circumstances, many of which are beyond Arconic’s control. Such
risks and uncertainties include, but are not limited to: (a)
continuing uncertainty regarding the impact of the COVID-19
pandemic on our business and the businesses of our customers and
suppliers; (b) deterioration in global economic and financial
market conditions generally; (c) unfavorable changes in the end
markets we serve; (d) the inability to achieve the level of revenue
growth, cash generation, cost savings, benefits of our management
of legacy liabilities, improvement in profitability and margins,
fiscal discipline, or strengthening of competitiveness and
operations anticipated or targeted; (e) adverse changes in discount
rates or investment returns on pension assets; (f) competition from
new product offerings, disruptive technologies, industry
consolidation or other developments; (g) the loss of significant
customers or adverse changes in customers’ business or financial
condition; (h) manufacturing difficulties or other issues that
impact product performance, quality or safety; (i) the impact of
pricing volatility in raw materials and inflationary pressures on
our costs of production; (j) a significant downturn in the business
or financial condition of a key supplier or other supply chain
disruptions; (k) challenges to or infringements on our intellectual
property rights; (l) the inability to realize the expected benefits
of our re-entry into the U.S. packaging market or other strategic
initiatives or projects; (m) the inability to identify or
successfully respond to changing trends in our end markets; (n) the
impact of potential cyber attacks and information technology or
data security breaches; (o) geopolitical, economic, and regulatory
risks relating to our global operations, including compliance with
U.S. and foreign trade and tax laws and other regulations,
sanctions, embargoes, and renegotiation or nullification of
existing agreements; (p) the outcome of contingencies, including
legal proceedings, government or regulatory investigations, and
environmental remediation and compliance matters; (q) the impact of
the ongoing conflict between Russia and Ukraine on economic
conditions in general and on our business and operations, including
sanctions, tariffs, and increased energy prices; and (r) the other
risk factors summarized in Arconic’s Form 10-K for the year ended
December 31, 2021 and other reports filed with the U.S. Securities
and Exchange Commission (SEC). The above list of factors is not
exhaustive or necessarily in order of importance. Market
projections are subject to the risks discussed above and in this
release, and other risks in the market. The statements in this
release are made as of the date of this release, even if
subsequently made available by Arconic on its website or otherwise.
Arconic disclaims any intention or obligation to update publicly
any forward-looking statements, whether in response to new
information, future events, or otherwise, except as required by
applicable law.
Non-GAAP Financial Measures
Some of the information included in this release is derived from
Arconic’s consolidated financial information but is not presented
in Arconic’s financial statements prepared in accordance with
accounting principles generally accepted in the United States of
America (GAAP). Certain of these financial measures are considered
“non-GAAP financial measures” under SEC rules. These non-GAAP
financial measures supplement our GAAP disclosures and should not
be considered an alternative to any measure of performance or
financial condition as determined in accordance with GAAP, and
investors should consider Arconic’s performance and financial
condition as reported under GAAP and all other relevant information
when assessing the performance or financial condition of Arconic.
Non-GAAP financial measures have limitations as analytical tools,
and investors should not consider them in isolation or as a
substitute for analysis of the results or financial condition as
reported under GAAP. Non-GAAP financial measures presented by
Arconic may not be comparable to non-GAAP financial measures
presented by other companies. Reconciliations to the most directly
comparable GAAP financial measures and management’s rationale for
the use of the non-GAAP financial measures can be found in the
schedules to this release. Arconic has not provided reconciliations
of any forward-looking non-GAAP financial measures, such as
adjusted EBITDA, and free cash flow, to the most directly
comparable GAAP financial measures because such reconciliations are
not available without unreasonable efforts due to the variability
and complexity with respect to the charges and other components
excluded from the non-GAAP measures, such as the effects of metal
price lag, foreign currency movements, gains or losses on sales of
assets, taxes, and any future restructuring or impairment charges.
These reconciling items are in addition to the inherent variability
already included in the GAAP measures, which includes, but is not
limited to, price/mix and volume. Arconic believes such
reconciliations would imply a degree of precision that would be
confusing or misleading to investors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230207006049/en/
Investor Contact Shane Rourke (412) 315-2984
Investor.Relations@arconic.com Media Contact Tracie Gliozzi
(412) 992-2525 Tracie.Gliozzi@arconic.com
Arconic (NYSE:ARNC)
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Arconic (NYSE:ARNC)
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