HUTCHINSON, Kan. — The quarterly earnings parade kicked off this morning as Arconic reported
results for the third quarter Monday morning.
The company, which employs about 75 workers at its metals finishing plant in Hutchinson, reported revenues of $3.2 billion, up 3 percent year-over-year, driven by higher volumes across all business segments as well as higher aluminum prices.
Organic revenue was up 5 percent year-over-year, according to a company release. Net income attributable to Arconic in the third quarter of 2017 was $119 million, or $0.22 per share. Excluding special items, third quarter 2017 adjusted income was $132 million, or $0.25 per share.
The company also announced Friday that its Board of Directors has appointed Charles “Chip” Blankenship as Chief Executive Officer and a member of the Arconic Board of Directors, effective Jan. 15, 2018.
Blankenship is a 24-year veteran of General Electric (GE) who spent much of his career in its aviation and jet engine businesses, including running its commercial engine operations. He replaces former CEO Klaus Kleinfeld, who resigned under pressure during a bitter battle for control of the company during its first year as a spin-off entity from Alcoa.
Up next in this earnings run will be Union Pacific, releasing its third quarter results on Thursday.