Sales of $2.0 billion, down 22% year over year, up 1% organically year over year, up 3% from prior quarter

Net income of $59 million, or $0.58 per share, compared with $114 million, or $1.05 per share, in second quarter 2022

Adjusted EBITDA of $198 million, up 10% from second quarter 2022 on a comparable basis excluding Russian Operations

PITTSBURGH--(BUSINESS WIRE)--July 31, 2023--Arconic Corporation (NYSE: ARNC) (“Arconic” or the “Company”) today reported second quarter 2023 results. Sales were $2.0 billion, down 22% year over year due to lower aluminum prices and the divestiture of Russian Operations and up 1% organically driven by strength in aerospace and ground transportation offset by declines in industrial, packaging, and building and construction. The Company reported net income of $59 million, or $0.58 per share, compared with $114 million, or $1.05 per share, in second quarter 2022.

Second quarter 2023 Adjusted EBITDA was $198 million, up 10% year over year on a comparable basis excluding Russian Operations. Cash provided from operations was $189 million and capital expenditures were $57 million.

The following information was filed by Arconic Corp (ARNC) on Monday, July 31, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Arconic Corp's 10-Q Quarterly Report:

Financial - Earnings Highlight
In the 2023 six-month period, cash provided from operations was mostly comprised of a positive add-back for non-cash transactions in earnings of $212 and net income of $84, partially offset by an unfavorable change in working capital of $148.

Revenue - Product Highlight
In both comparisons, the decrease was primarily due to the absence of sales ($314 and $547 in the 2022 second quarter and six-month period, respectively) from this segment's former operations in Russia, which were sold in the 2022 fourth quarter (see Note O to the Consolidated Financial Statements in Part I Item 1 of this Form 10-Q), as well as lower aluminum prices (see below), and a net decrease in volumes of the ongoing operations (see below).
Financial - Shares Highlight
On May 4, 2021, Arconic announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase shares of its outstanding common stock up to an aggregate transactional value of $300 over a two-year period expiring April 28, 2023.
Financial - Shares Highlight
Share Repurchase Programs-On November 16, 2022, Arconic announced that its Board of Directors approved a share repurchase program authorizing the Company to repurchase shares of its outstanding common stock up to an aggregate transactional value of $200 over a two-year period expiring November 17, 2024 (see Part II Item 2 in this Form 10-Q for additional information).
Financial - Earnings Highlight
In the 2022 six-month period, cash provided from operations was mostly comprised of a positive add-back for non-cash transactions in earnings of $190 and net income of $157, mostly offset by an unfavorable change in working capital of $280.
Revenue - Product
The decline in the 2023...Read more
Revenue - Product
The decrease of $558, or...Read more
Revenue - Product
The improvement was principally the...Read more
Financial - Expense
In the second quarter and...Read more
Financial - Expense
In the second quarter and...Read more
Revenue - Geography
The decline in both comparisons...Read more
Financial - Expense
The improvement in the 2023...Read more
Financial - Expense
The increase in the 2023...Read more
Revenue - Product
The change in working capital...Read more
Revenue - Product
Higher volume associated with the...Read more
Financial - Shares
(dollars in millions, except per-share...Read more
Revenue - Product
The net decrease in volumes...Read more
Revenue - Product
In the second quarter and...Read more
Revenue - Product
An improvement in volume for...Read more
Other - Other
The use of cash in...Read more
Other - Other
Segment Adjusted EBITDA for this...Read more
Other - Other
The use of cash in...Read more
Revenue - Product
Extrusions Third-party sales for the...Read more
Other - Other
These negative impacts were partially...Read more
Other - Other
In the 2023 six-month period,...Read more
Other - Other
These negative impacts were somewhat...Read more
Financial - Expense
The increase in both comparisons...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Arconic Corp provided additional information to their SEC Filing as exhibits

Exhibit 31: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: ARNC
CIK: 1790982
Form Type: 10-Q Quarterly Report
Accession Number: 0001790982-23-000022
Submitted to the SEC: Mon Jul 31 2023 5:08:09 PM EST
Accepted by the SEC: Mon Jul 31 2023
Period: Friday, June 30, 2023
Industry: Rolling Drawing And Extruding Of Nonferrous Metals