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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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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