Why Arconic Stock Rallied 14% at the Open Today
Shares of specialty metal parts maker Arconic (NYSE: ARNC) rose a swift 14% as market trading got underway on May 4. By 10 a.m. EDT, the stock was still holding on to a roughly 11% gain. The story here today is all about earnings.
Arconic reported first-quarter 2021 earnings before the opening bell. Revenue came in at $1.7 billion, up 4% year over year. However, that figure was also a 15% advance over the fourth quarter of 2020, so it represented a material sequential improvement on the sales front. On the bottom line, Arconic posted net income of $0.46 per share, up from $0.42 in the year-ago period. Both revenue and net income figures handily beat Wall Street consensus estimates. It's not surprising that investors were upbeat.
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