Why Arconic Stock Is Falling Today
Arconic (NYSE: ARNC) has cut full-year guidance due to higher energy costs and operational problems at two of its facilities. Investors were apparently caught off guard by the news, sending shares of the aluminum products company down as much as 15%.
Arconic, a onetime subsidiary of Alcoa, produces aluminum sheet, plate, and architectural products primarily for the aerospace, industrial, and construction markets. The company has had a rough time navigating macroeconomic problems that are hurting demand, with the shares down more than 20% for the year heading into Thursday trading.
News about the company from last night is sending the shares down more. Arconic said it expects to generate between $9.2 billion and $9.5 billion in revenue in 2022, down from previous guidance for between $9.6 billion and $10 billion. Analysts had been expecting $9.6 billion in sales.
Source Fool.com
