Aluminum maker Arconic Corp. ARNC, -0.59% reported a narrower fourth-quarter net loss and revenue that rose above expectations, as higher aluminum prices and growth in packaging, industrial and ground transportation volumes helped offset higher costs. The stock was still inactive in the premarket. The net loss narrowed to $38 million, or 36 cents a share, from $64 million, or 59 cents a share, in the year-ago period. The results included a goodwill impairment charge of $65 million. The company did not provide an adjusted earnings per share figure that is comparable to the FactSet consensus. Sales grew 46.2% to $2.14 billion, above the FactSet consensus of $2.10 billion. Cost of goods sold growth outpaces sales growth, rising 52.2% to $1.90 billion, to lower gross margin to 11.2% from 14.6%. For 2022, the company expects revenue of $9.9 billion to $10.3 billion, above the FactSet consensus of $8.7 billion. The stock has gained 3.0% over the past three months while the S&P 500 SPX, -0.72% has lost 6.9%.
