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Metal Recycling News February 24, 2021 04:50:20 PM

Arconic Collapsed to Net Loss in 2020, Sales Down 14%

Paul Ploumis
ScrapMonster Author
For the full-year 2020, the sales were down by 22% from 2019 at $5.7 billion.

Arconic Collapsed to Net Loss in 2020, Sales Down 14%

SEATTLE (Scrap Monster): Pittsburgh-based lightweight metals engineering and manufacturing firm Arconic Corporation announced financial and operating results for fourth quarter and full-year 2020.

The company reported sales of $1.5 billion during the quarter, down by 14% from the prior year quarter. The net loss of $64 million or $0.59 per share in Q4 2020 compares with net income of $168 million or $1.54 per share in Q4 2019. Arconic reported adjusted EBITDA of $151 million and adjusted EBITDA margin of 10.3% during the quarter.

For the full-year 2020, the sales were down by 22% from 2019 at $5.7 billion. It reported net loss of 9 million, or $1.00 per share, compared to net income of $177 million, or $1.63 per share, in 2019. The adjusted EBITDA stood at $619 million, at an adjusted EBITDA margin of 10.9%.

The company implemented $260 million in cash conservation actions, compared with its prior target of $250 million.

Commenting on the results, Tim Myers, Chief Executive Officer said that the company weathered the pandemic and made broad improvements on the corporate and operational fronts during the initial nine-month period of the previous year. The Q4 results demonstrate a steady climb in revenues. Through 2021, the company will continue to optimize its capacity utilization to align with market demand, he added.

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