Arconic reports improved revenue in Q2 2017 driven by higher volumes

<p>Arconic Inc. yesterday announced results for the second quarter of 2017 and updated its guidance for the year. The company ended the first half of 2017 with significantly less debt, a strong cash position and good liquidity.</p> <p>The company posted <strong>revenue of $3.3 billion</strong>, an increase of one per cent year over year. This was mainly driven by higher volumes across all business segments as well as higher aluminium prices. Adjusting for Tennessee packaging, revenues were up 5 per cent year over year.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/arconic.jpg" alt="news" width="448" height="300" /></p> <p>Arconic reported <strong>net income of $212 million</strong> in the second quarter. &ldquo;The results including $47 million in special items, including a gain on the debt-for-equity exchange of Alcoa Corporation shares, which is intended to qualify as generally tax-free to Arconic for U.S. federal income tax purposes,&rdquo; the company said. &nbsp;</p> <p>Excluding special items, second quarter 2017 adjusted income was $165 million. Annualized return on net assets (RONA) was 8.7 per cent based on the results of the first half of 2017.</p> <p>Arconic reported <strong>consolidated adjusted EBITDA of $444 million</strong>, an increase of 3 per cent year over year. The consolidated adjusted EBITDA excluding special items was $486 million, up 2 per cent year over year.</p> <p>{googleAdsense}</p> <p>The company ended the second quarter of 2017 with cash on hand of $1.8 billion. It has reduced long-term debt by $1.25 billion year to date.</p> <p>Arconic adjusted 2017 full year revenue guidance from its previous estimate of $11.8 billion to $12.4 billion to a new forecast of $12.3 billion to $12.7 billion.</p>