Arconic Corporation has reported second quarter 2022 results. Revenue was USD 2.5 billion, up 16% from the prior quarter, primarily due to the ramp up of packaging sales in the United States, growth in ground transportation and building and construction sales, ongoing recovery in aerospace, and aluminum prices. The Company reported net income of USD 114 million, compared with a net loss of USD 427 million in second quarter 2021. Second quarter 2022 Adjusted EBITDA was US 204 million, an increase of 9% year over year, driven by strength in aerospace, packaging, and building and construction end markets, and partially offset by weakness in industrial production.The Company is updating its full-year 2022 outlook to reflect the impact of declining aluminum prices on revenue and working capital. Arconic revenue expectations are now in the range of USD 9.6-10.0 billion for full-year 2022 compared with the prior expected range of USD 10.1-10.5 billion. This assumes LME aluminum price of USD 2,500 per tonne and Midwest Premium of USD 700 per tonne, reduced from prior assumptions for LME of USD 3,350 per tonne and Midwest Premium of USD 850 per tonne as published in the first quarter 2022 results.
Arconic Corporation has reported second quarter 2022 results. Revenue was USD 2.5 billion, up 16% from the prior quarter, primarily due to the ramp up of packaging sales in the United States, growth in ground transportation and building and construction sales, ongoing recovery in aerospace, and aluminum prices. The Company reported net income of USD 114 million, compared with a net loss of USD 427 million in second quarter 2021. Second quarter 2022 Adjusted EBITDA was US 204 million, an increase of 9% year over year, driven by strength in aerospace, packaging, and building and construction end markets, and partially offset by weakness in industrial production.The Company is updating its full-year 2022 outlook to reflect the impact of declining aluminum prices on revenue and working capital. Arconic revenue expectations are now in the range of USD 9.6-10.0 billion for full-year 2022 compared with the prior expected range of USD 10.1-10.5 billion. This assumes LME aluminum price of USD 2,500 per tonne and Midwest Premium of USD 700 per tonne, reduced from prior assumptions for LME of USD 3,350 per tonne and Midwest Premium of USD 850 per tonne as published in the first quarter 2022 results.
