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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 https://t.co/JneKya7GfU

— 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.

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