HUTCHINSON, Kan. — Taking unavoidable hits from the pandemic and a shutdown of the 737 Max production lines, Arconic clawed its way forward in the third quarter as it released its earnings report on Friday.
The aluminum parts maker reported revenue of $1.4 billion, up 19% from the prior quarter due to strength in automotive end market volumes which recovered fully from the second quarter and exceeded third quarter 2019 levels.
Year over year, revenues were down 22% reflecting weaker volumes across all end markets other than automotive primarily due to the impact of the pandemic.
Net income totaled $5 million, or $0.05 per share, in third quarter 2020 compared with a net loss of $24 million, or $0.22 per share, in third quarter 2019.
After having to make major concessions to pay and benefits, the company has since reinstated its 401K match program for all impacted employees and ended temporary salary reductions according to a company release. At full capacity, Arconic employees about 75 workers at its Hutchinson plant supplying the local aerospace industry.