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Aluminum products maker Arconic Inc. (ARNC) - Get Arconic Corporation Report on Friday said it plans to split the company into two core businesses - an aircraft and power generation components unit, and a sheet and plate products division - with the intention of spinning off one of them down the road.

"After a rigorous and comprehensive process, we did not receive a proposal for a full-company transaction that we believe was in the best interests of our shareholders," CEO John Plant said. "The board sees more shareholder value creation through a restructuring of the company.

"As part of the strategy and portfolio review, we have determined to separate the portfolio into Engineered Products & Forgings and Global Rolled Products. In addition, we will also explore the potential sale of businesses that do not best fit into Engineered Products & Forgings and Global Rolled Products," he said.

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The announcement came as the New York-based company reported fourth-quarter earnings that exceeded analysts' forecasts. Arconic reported fourth-quarter net income of $218 million, or 44 cents a share, vs. a loss of $727 million, or $1.51 a share, a year earlier.

Adjusted for one-time gains and costs, Arconic posted per-share earnings of 33 cents, above forecasts of 30 cents a share expected by analysts surveyed by Zacks Investment Research. Revenue was $3.47 billion in the period, above forecasts of $3.41 billion.

The earnings follow a tumultuous few months for Arconic. The company in December rejected a takeover bid from private-equity firm Apollo Global Management. Earlier this week, the company announced that Plant, formerly chairman, was taking on the role of CEO.

Arconic also announced that it will reduce its quarterly common stock dividend to 2 cents a share from 6 cents, and that it plans to kick off $200 million in cost savings starting this year.

Shares of Arconic fell 3.3% to close at $17.10 in Friday trading on the New York Stock Exchange.