Arconic Reports 2020 Results
Arconic Corporation has reported 2020 results. Arconic Corporation Chief Executive Officer Mr Tim Myers said “In our first nine months, we have
Arconic Corporation has reported 2020 results. Arconic Corporation Chief Executive Officer Mr Tim Myers said “In our first nine months, we have weathered a global pandemic, made broad improvements on the corporate and operational fronts, and built a foundation for growing profitability and free cash flow over the next several years. Through the remainder of 2021, we will continue optimizing our capacity utilization to align with market demand and broader macroeconomic conditions.”
Revenues of USD 5.7 billion declined 22% from 2019 levels primarily due to COVID-19 pandemic related impacts across the markets we serve and production declines due to delays associated with the Boeing 737 MAX. Net loss of USD 109 million, declined from net income of USD 177 million in 2019. The full year 2020 net loss includes after tax charges of USD 156 million related to US and UK pension executed since separation. Full-year 2020 Adjusted EBITDA was USD 619 million and Adjusted EBITDA margin was 10.9%.
Arconic is a leading provider of aluminum sheet, plate and extrusions, as well as innovative architectural products that advance the automotive, aerospace, commercial transportation, industrial and building and construction markets.