What happened Shares of specialty metal parts maker Arconic (NYSE: ARNC) rose a swift 14% as market trading got underway on May 4. By 10 a.m. EDT, the stock was still holding on to a roughly 11% gain. The story here today is all about earnings. So what Arconic reported first-quarter 2021 earnings before the opening bell. Revenue came in at $1.7 billion, up 4% year over year. However, that figure was also a 15% advance over the fourth quarter of 2020, so it represented a material sequential improvement on the sales front. On the bottom line, Arconic posted net income of $0.46 per share, up from $0.42 in the year-ago period. Both revenue and net income figures handily beat Wall Street consensus estimates. It's not surprising that investors were upbeat. Image source: Getty Images. However, there's more to the story. In addition to having a good first quarter, Arconic updated its full-year guidance. Management increased its top-line outlook from a range of $6.6 billion to $6.9 billion to a higher $7.1 billion to $7.9 billion. It also upped its adjusted EBITDA range in the low single digits. So there was a second positive for investors to digest that suggests the year is shaping up to be stronger than originally expected. Now what Although Arconic highlighted continued headwinds in the downtrodden aerospace sector, thanks to the impacts of the coronavirus pandemic, the rest of its business appears to be doing reasonably well. It makes sense that investors were pleased with the first-quarter update. That said, aerospace is an important end market and one that long-term investors should monitor closely as the year progresses. Without a rebound in that space, Arconic's business really can't get back to "normal." 10 stocks we like better than Arconic CorporationWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Arconic Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source