Yahoo Finance Arconic (ARNC) Announces Redemption of 5.72% Notes Due 2019
Arconic Inc. ARNC has completed the previously indicated early redemption of all of its 5.72% Notes due 2019 in the total principal amount of roughly $500 million.
Per the company, holders of the notes were paid an aggregate amount of $516.8 million or $1033.60 per $1,000 total principal amount, in addition to unpaid and accrued interest but excluding the redemption date.
Notably, Arconic ended 2017 with cash and cash equivalents of roughly $2,150 million, up around 15.4% year over year. Long-term debt also went down 15.4% to $6,806 million.
The company has gained 1.5% in the past three months, underperforming the industry’s 17.5% growth.
For 2018, Arconic expects revenues in the range of $13.4-$13.7 billion and adjusted earnings in the range of $1.45-$1.55 per share. It expects free cash flow to be around $500 million.
Arconic also initiated portfolio and strategy review, which is expected to be completed by the end of this year. The company also declared a share repurchase program of up to $500 million.
Arconic Inc. Price and Consensus
Arconic Inc. Price and Consensus | Arconic Inc. Quote
Zacks Rank & Stocks to Consider
Arconic currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Steel Dynamics, Inc. STLD, Westlake Chemical Corporation WLK and United States Steel Corporation X, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics has an expected long-term earnings growth rate of 12%. Its shares have soared 37.8% over the last six months.
Westlake Chemical has an expected long-term earnings growth rate of 12.2%. Its shares have moved up 50.3% over the past six months.
U.S. Steel has an expected long-term earnings growth rate of 8%. Its shares have rallied 65.1% over the last six months.
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