Finance Forex

Arconic to Split Businesses and Cut Dividend in Revamp Effort

Arconic To Split Businesses And Cut Dividend In Revamp Effort essay is one about these Finance, Forex class, written on top of our scripter Erick Emerson by February 8, 2019, these post can search on this tags Arconic, Businesses, cut, dividend, effort, Revamp, split. We all joyful to blissful you as well providing the other article belonging finance along with we always updating this section routine.

Aluminum products maker Arconic Inc. (ARNC) on Friday said it plans to split the company into two core businesses – an aircraft and power generation components unit, and a sheet and plate products division – with the intention of spinning off one of them down the road.

“After a rigorous and comprehensive process, we did not receive a proposal for a full-company transaction that we believe was in the best interests of our shareholders,” CEO John Plant said. “The board sees more shareholder value creation through a restructuring of the company.

“As part of the strategy and portfolio review, we have determined to separate the portfolio into Engineered Products & Forgings and Global Rolled Products. In addition, we will also explore the potential sale of businesses that do not best fit into Engineered Products & Forgings and Global Rolled Products,” he said.

The announcement came as the New York-based company reported fourth-quarter earnings that exceeded analysts’ forecasts. Arconic reported fourth-quarter net income of $218 million, or 44 cents a share, vs. a loss of $727 million, or $1.51 a share, a year earlier.

Arconic Reports Fourth Quarter 2018 and Full Year 2018 Results; Announces Update to Strategy and Portfolio Review

— Arconic (@arconic) February 8, 2019

Adjusted for one-time gains and costs, Arconic posted per-share earnings of 33 cents, above forecasts of 30 cents a share expected by analysts surveyed by Zacks Investment Research. Revenue was $3.47 billion in the period, above forecasts of $3.41 billion.

The earnings follow a tumultuous few months for Arconic. The company in December rejected a takeover bid from private-equity firm Apollo Global Management. Earlier this week, the company announced that Plant, formerly chairman, was taking on the role of CEO.

Arconic also announced that it will reduce its quarterly common stock dividend to 2 cents a share from 6 cents, and that it plans to kick off $200 million in cost savings starting this year.

Shares of Arconic fell 3% to $17.16 a share in early trading on the New York Stock Exchange.

You can gather others paragraph finance over our related paper or you can find out on top of favoured article, we always publishing this finance article frequenlty for suggest together with tip off along with gift that one may saving our finance along with living this financial freedom. Those paragraph is published by Erick Emerson with those title Arconic To Split Businesses And Cut Dividend In Revamp Effort.

Related posts of "Arconic to Split Businesses and Cut Dividend in Revamp Effort"

Negative for Madrid Stocks, Positive for Government Bonds

Spanish stock and bond prices, news and analysis: A snap general election in April looks likely in Spain, with the uncertainty generated likely to weaken the Madrid stock market and bolster Spanish government bond prices. That follows the decision by both Catalan independence parties to vote against the Socialist government’s budget draft, which has therefore...

Mark Zuckerberg is mulling a blockchain-based Facebook log-in as a more secure option

Facebook Inc. CEO Mark Zuckerberg is mulling the use of decentralized technology for his social media behemoth. Speaking with Harvard Law Professor Jonathan Zittrain on Wednesday, Zuckerberg said blockchain technology could be implemented as an alternative way for users to access, store and manage their private data. “Basically, you take your information, you store it...

Asian markets mixed ahead of new round of U.S.-China trade talks

Asian stocks were mixed on Monday as traders watched for developments on a fresh round of trade talks with the United States this week in Beijing. Markets in China and Taiwan, reopening after a weeklong Lunar New Year break, edged higher on hopes that American and Chinese officials will make progress on a wide-ranging dispute...

Trading Walmart Stock After Earnings Jump

Walmart (WMT) is starting a holiday-shortened trading week with a bang. Shares are on the move after the company reported stronger-than-expected fourth-quarter earnings results. The retailer's other positive news and solid momentum are giving investors a breath of fresh air and shares are just a few dollars shy of their 52-week high of $106.21, closing up 2.2% to...

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.