HUTCHINSON, Kan. — Slowdowns in key business segments because of the pandemic tore into Arconic’s earnings as the company released its second quarter report Wednesday.
The aluminum components manufacturer reported second quarter revenue of $1.2 billion, down 38% year over year, and a net loss of $92 million in second quarter 2020 compared with net income of $5 million in 2019.
Arconic, which began operating as a standalone company on April 1, saw sudden declines in critical end markets because of the COVID-19 pandemic, which shut down many of its customers’ production facilities around the world.
The company announced $200 million of cash conservation actions in early April and addressed a legacy pension obligation, reducing its gross liability by approximately $250 million, according to a company release.
Arconic in Hutchinson finishes aluminum sheets and components for the aerospace industry and carries a workforce of around 75 employees when at full production.