HUTCHINSON, Kan. — Arconic Corporation continued its recovery from a dismal 2020 fiscal year by reporting third quarter revenue of $1.9 billion, an increase of 5% from the prior quarter.
Higher aluminum prices and the start of packaging sales in the U.S. were able to offset weaker than expected ground transportation sales. The Company reported net income of $16 million, or $0.15 per share, compared with $5 million, or $0.05 per share, in third quarter 2020.
“Demand for our products remains very strong across all end markets even as the pandemic continues to affect our operations. Ongoing labor shortages in the U.S. limited our ability to serve existing orders, particularly in the industrial market,” CEO Tim Meyers said. “As we exited the third quarter, our industrial backlog was more than $60 million above typical levels or roughly five times greater than normal. We are aggressively addressing these issues and expect to work down the backlog by the end of the year and return to sequential Adjusted EBITDA growth in the fourth quarter.”
The company has continued to climb out of the hole left by the suspension of the 737 Max project and a shut down of the automotive industry due to the continued chip shortage. The company also finished stabilizing its pension program earlier in the year.
Arconic Hutchinson provides finishing work for aluminum used mostly in the aerospace industry.
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