Arconic Lost Money in the Third Quarter

Oct 24, 2017

Third quarter earnings for Arconic declined compared to the same period a year ago.

Michelle O'Neill reports that's when the company was still part of Alcoa, before it split into two, separate companies on November first.

For the third quarter, Arconic reports earnings of $0.25 per share, or $132 million, $5 million less than a year ago. But that excludes special items such as re-structuring costs and higher aluminum prices.

Arconic says revenue totalled 3.2 billion dollars at the end of the third quarter, up three percent from the same period a year ago.

Charles Blankenship, who will become CEO of Arconic in January, 2018
Credit https://goo.gl/GhZKPj / Arconic

The company also announced Arconic's board of directors appointed Charles Blankenship as Chief Executive Officer. The metallurgist worked at General Electric for 24 years in its aviation and jet engine division.

David Hess has been serving as interim CEO at Arconic since Klaus Kleinfeld resigned as Chair and CEO in April. Hess will continue as a director after Blankenship takes over CEO duties in mid-January.

Arconic directors also named John Plant the new chair of the board. 

The company operates the Davenport Works plant in Riverdale with about 2,600 employees.