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Arconic Corp (NYSE:ARNC) shares dropped more than 8% after-hours following the announced preliminary operating results for Q3/22 and updated full 2022-year outlook.
Q3 adjusted EBITDA is expected in the range of $135-$150 million, impacted by production outages and other operational challenges in Tennessee and Davenport that have reduced production from planned operating rates.
Furthermore, hyperinflationary energy costs that drive increased cost pressures and declining demand in Europe, are expected to have an increasingly negative impact on Q3 and Q4 results.
Full-year revenue is expected to be in the range of $9.2-$9.5 billion, compared with the prior expected range of $9.6-$10.0 billion, reflecting the impact of operational issues and the combination of demand declines and higher unhedged energy costs in Europe. The company expects adjusted EBITDA to be in the range of $715-$765 million, compared with the previous expectation of the low end of the range of $820-$870 million.
