Arconic added $500 million more to its share repurchase program.
The metal engineering company’s board approved the $500 million share-buyback - which will be added to its existing program of $1 billion, out of of which $100 million remains available through next year.
On May 2, Arconic began a $200 million accelerated share repurchase plan. In April, it completed a $700 million accelerated repurchase of about 36.4 million shares.
Analysts expect that Arconic’s full year earnings would come in at $1.74 per share, and predict earnings per share in the range of $1.59 and $1.83, according to Zacks survey (as reported by Rockland Register).