SEATTLE (Scrap Monster): Arconic Corporation reported second quarter 2021 results. The growth in the packaging and industrial end markets along with higher aluminum prices acted as key drivers for profitability growth during the quarter.
The revenues surged higher by 8% from the prior quarter to touch $1.8 billion. It reported net loss of $427 million or $3.89 per share. This compares with net loss of $96 million, or $0.88 per share, in second quarter 2020. The second quarter 2021 adjusted EBITDA skyrocketed by 89% over the previous year to $187 million. The adjusted EBITDA margin during the quarter was 10.4%.
The company reported cash balance of $540 million and total available liquidity of nearly $1.3 billion. The capital expenditures totalled $44 million during the quarter. The debt as at the end of the quarter was $1.6 billion, said the company press release.
Arconic expects full-year 2021 revenue to range between $7.3 billion and $7.6 billion, compared with the earlier outlook of $7.1-$7.4 billion. The adjusted EBITDA is likely to range between $710 million and $750 million. The company revised its adjusted free cash flow outlook for the year from prior outlook of $300 million to $250 million. It foresees a wide range of return-generating capital allocation opportunities in future.