Arconic Inc (NYSE:ARNC) reported net income of $309 million, or $0.70 per share, in the fourth quarter 2019 versus net income of $218 million, or $0.44 per share, in the fourth quarter 2018.
Net income excluding special items was $234 million, or $0.53 per share, in the fourth quarter 2019, versus $162 million, or $0.33 per share, in the fourth quarter 2018.
The Pittsburgh-based manufacturer also said full-year 2019 net income was $470 million, or $1.03 per share, versus net income of $642 million, or $1.30 per share, in the full year 2018. Full-year 2019 net income excluding special items was $971 million, or $2.11 per share, versus $676 million, or $1.36 per share, in the full year 2018.
Fourth-quarter 2019 operating income was $416 million, versus operating income of $323 million in the fourth quarter 2018.
Operating income excluding special items was $444 million, up 37% year over year, driven by net cost reductions, favorable product pricing, and favorable aluminum and raw material costs, partially offset by lower volumes in automotive and commercial transportation. Full-year 2019 operating income was $1.0 billion versus $1.3 billion in the full year 2018.
Arconic CEO John Plant said, "In 2019, the Arconic team delivered improved revenue, adjusted operating income, adjusted operating income margin, adjusted free cash flow and adjusted earnings per share. Arconic’s 2019 return on net assets improved by 450 basis points year over year to 13.7%."
Shares gained 52 cents, or 1.8%, to $29.63
