Aluminum maker Arconic Corp. reported quarterly loss cuts and higher-than-expected revenue, as higher aluminum prices and increased packaging and shipping volumes helped offset costs.
Net loss shrank to $ 38 million, or 36 cents a share, from $ 64 million, or $ 59, a share a year ago.
The results include a $ 65 million impairment charge.
The company did not provide an adjusted earnings per share comparable to FactSet estimates.
Sales rose 46.2% to $ 2.14 billion, higher than estimates for $ 2.10 billion.
The increase in the cost of goods sold outpaced the increase in sales, rising 52.2% to $ 1.90 billion, and the gross margin fell to 11.2% from 14.6%.
For 2022, the company expects revenue of $ 9.9-10.3 billion, compared to estimates for $ 8.7 billion.
Source: Capital
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