US aluminum manufacturer Arconic has raised its full-year 2021 revenue outlook to $7.1-7.4bn, compared to an earlier prediction of $6.6-6.9bn as demand from downstream industries such as packaging and transportation continues to grow.
The company also benefits from the final antidumping ruling on aluminum alloy sheet imports. Arconic also sees its automotive materials division gaining from the improved outlook for the semiconductor shortage in H2 2021.
During the first quarter of the year, the manufacturer’s net sales from its Rolled Products division increased to $1.36bn from $1.22bn in Q1 2020. During the same period under comparison, Building and Construction System sales fell to $236mn from $256mn while Extrusion sales halved to $75mn from $133mn. Arconic did not disclose volumes sold.
The company’s adjusted EBITDA fell by 12pc to $179mn in Q1 2021 compared with $204mn in Q1 2020 but increased by 19pc quarterly. Arconic is basing its new outlook on assumptions of an average LME Aluminum cash price of $2,200/mt and the Midwest premium at 19.5¢/lb.