Arconic Inc. posted a net loss attributable to the company of US$1.25 billion, or US$2.88 per share, in the fourth quarter of 2016, widening from a net loss of US$701 million, or US$1.64 per share, reported a year earlier.
A main contributor was US$1.4 billion in special items, including tax valuation allowance charges related primarily to the separation of Alcoa Inc., as well as restructuring and other separation costs, the company said Jan. 31.
The company's full-year net loss also widened to US$931 million from a net loss of US$322 million a year ago.
Fourth-quarter revenue was roughly flat at about US$2.97 billion, as strong volume growth across segments was offset by the company's ramp down from the North American packaging business at its Tennessee operations.
Revenue for the year was also essentially flat at US$12.39 billion.
Combined segment adjusted EBITDA rose 7% year over year to US$456 million for the quarter and increased 9% on a yearly basis to US$2.06 billion for the full year.
The company ended last year with a cash balance of US$1.9 billion.
Meanwhile, the company expects to post revenue of US$2.8 billion to US$3.0 billion in the first quarter of 2017, while full-year revenue is expected to come in between US$11.8 million and US$12.4 billion.
The company will focus on margin and return on net assets as well as cost cutting across all segments. Arconic also seeks to slash its debt by US$1 billion this year.