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Arconic shares tank in early deals as 2018 outlook disappoints

Sales rose to US$3.27bn compared to US$2.97bn in the same period last year

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Arconic manufactures aluminium, among other things

Metals maker Arconic Inc (NYSE:ARNC) saw shares plunge 5% in pre-market deals despite it reporting a 10% rise in sales in the latest quarter.

The loss attributable to the company also narrowed in the three months to US$727mln from US$1.26bn in the fourth quarter of last year.

2018 guidance below market estimates

Sales rose to US$3.27bn compared to US$2.97bn in the same period last year.

"In 2017, Arconic made progress on growing revenue and profits and taking out cost," said chief executive Chip Blankenship.

"However, a significant opportunity for improvement remains.

"Our challenge is to reinforce strengths, close gaps and identify new opportunities. My goal is to ensure that all of our businesses execute consistently and deliver outstanding returns for our shareholders."

Looking ahead to 2018 numbers though, the group's guidance for yearly profit and cash flow were below analysts’ estimates.

Revenue was put at US$13.4-US$13.7bn with cash flow of around US$500mln.

Arconic expects 2018 earnings of between US$1.45 and US$1.55 per share. Analysts on average were expecting US$1.60 a share.

Quick facts: Arconic Inc

Price: 27.01 USD

NYSE:ARNC
Market: NYSE
Market Cap: $11.71 billion
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