After finalizing the sale of 100% of its Russia-based operations on November 15th 2022, Arconic Corp (ARNC) said it had incurred a $304 million after-tax loss on the divestiture during the fourth quarter of 2022.
The Pittsburgh-headquartered provider of aluminum sheet, plate and extrusions, also said its prior 2022 adjusted EBITDA outlook would be revised down by an estimated $9 million.
That forecast included a full year of operating activity for the divested business, Arconic said.
The company is to hold a webcast and teleconference to discuss its financial results for the fourth quarter and for the full year on February 21st at 10 a.m. Eastern Time.
The shares of Arconic Corp closed 0.96% ($0.23) higher at $24.17 in New York on Tuesday, with the company’s total market cap now standing at $2.45 billion.
The shares of Arconic Corp have risen 14.22% so far this year, following a 35.90% loss in 2022.
Analyst stock price forecast and recommendation
According to TipRanks, at least 1 out of 2 surveyed investment analysts had rated Arconic Corp’s stock as “Buy”, while other 1 – as “Hold”. The median price target on the stock stands at $24.50, representing a 1.37% upside compared to Tuesday’s closing price.