Arconic reported revenue increased 8% to $14 billion in 2018, which included organic revenue growth of 7%. Net income soared to $642 million, or $1.30 per share, versus net loss of $74 million, or $0.28 per share, in 2017.

The news comes weeks after Arconic broke off talks with a buyer for a $10 billion deal to acquire the aerospace fastener distributor.

“We did not receive a proposal for a full-company transaction that we believe would be in the best interests of Arconic’s shareholders and other stakeholders,” stated CEO John Plant.

Arconic, which includes Alcoa’s former $1.8 billion Fastening Systems and Rings business, has been mulling possible takeovers since last summer when Apollo and two other companies expressed interest in the company.

Arconic will continue with the previously announced sale process for its building and construction systems business, Plant said.

Q4 revenue rose 6% to $3.5 billion, while net income grew to $218 million, or $0.44 per share, versus net loss of $727 million, or $1.51 per share, in Q4 of 2017.

Arconic has commenced plans to reduce operating costs by approximately $200 million on an annual run-rate basis.

The portfolio will be separated into Engineered Products & Forgings and Global Rolled Products, with a spin-off of one of the businesses. The company will also consider the sale of businesses that do not best fit into Engineered Products & Forgings or Global Rolled Products.

Arconic closed on the sale of the idled Texarkana, TX, rolling mill for approximately $300 million in cash, plus additional contingent consideration of up to $50 million.

The company also closed on the sale of the Eger, Hungary, forgings business.

During Q4,Engineered Products and Solutions (EP&S) revenue grew 8% to $1.6 billion. Organic revenue1 was up 9%, driven by volume growth in aerospace engines and defense. Segment operating profit slipped 3.8% to $220 million, as unfavorable product mix and manufacturing challenges in the Engineered Structures business, including the now resolved forging press outage in the Cleveland facility, were partially offset by volume growth across all business units. Segment operating margin was 13.6%, down 170 basis points year over year. Web: Arconic.com