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NIC Inc. stock price

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  • 10/23/2017 06:14:29

    Arconic's stock jumps as revenue beat, raised outlook offsets profit miss

    Shares of Arconic Inc. surged 4.0% in premarket trade Monday, after the aluminum producer reported a third-quarter profit that missed expectations but revenue that beat, and raised its full-year sales outlook. Net income fell to $119 million, or 23 cents a share, from $166 million, or 34 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 25 cents, below the FactSet consensus of 27 cents. Revenue rose to $3.24 billion from $3.14 billion, above the FactSet consensus of $3.09 billion. For 2017, Arconic raised its revenue guidance range to $12.6 billion to $12.8 billion from $12.3 billion to $12.7 billion, while affirming its adjusted EPS outlook of $1.15 to $1.20. The FactSet consensus was for revenue of $12.50 billion and EPS of $1.18. "We are demonstrating consistent improvements in operating performance on the back of healthy organic revenue growth, coupled with better-than-planned progress on streamlining, restructuring and net cost reduction," said Chief Executive David Hess. The stock has soared 47% year to date through Friday, while the S&P 500 has gained 15%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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