Arconic stock price target raised to $28 from $24 at CFRA

Arconic stock price target raised to $28 from $24 at CFRA

Arconic’s stock jumps after earnings and revenue beat expectations

Shares of Arconic Inc. jumped 4.1% in premarket trade Tuesday after the company reported second-quarter earnings and revenue that beat expectations. Net income fell to $120 million, or 24 cents a share, from $212 million, or 43 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 37 cents, above the FactSet consensus of 29 cents. Revenue increased 10% to $3.57 billion, beating the FactSet consensus of $3.49 billion. The manufacturing and engineering of lightweight metals company’s three business segments–transportation and construction, global rolled products and engineered products and solutions–all beat revenue expectations. Arconic affirmed its guidance ranges for 2018 adjusted EPS of $1.17 to $1.27 and revenue of $13.7 billion to $14.0 billion, which compares with the FactSet consensus for EPS of $1.23 and for revenue of $13.84 billion. The stock has tumbled 23.5% year to date through Monday while the S&P 500 has gained 4.8%.

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