Basic Materials

Alcoa Beats Q3 EPS Expectations, Rides Alumina Price Surge Despite Production Hiccups

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Alcoa Corporation (NYSE:AA) shares are trading higher on premarket Thursday. On Wednesday, the company reported third quarter sales of $2.904 billion, missing the consensus of $2.967 billion. Alumina production dropped 4% sequentially to 2.44 million metric tons, mainly due to the full curtailment of the Kwinana refinery in June 2024. Meanwhile, aluminum production rose 3% sequentially to 559,000 metric tons, driven by progress on the Alumar smelter restart. In the Alumina segment, third-party shipments dropped 9% sequentially, mainly due to reduced trading activity. In the Aluminum segment, total shipments fell 6% on a sequential basis, owing to lower trading and shipment timing. Adjusted EBITDA, excluding special items, rose to $455 million from $325 million in the second quarter thanks to higher alumina prices and lower raw material costs. Adjusted EPS of $0.57 exceeded the consensus of $0.28. The company ended the third quarter of 2024 with a cash balance of […]

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Alcoa Corporation (AA) Q3 2024 Earnings Call Transcript Summary

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The following is a summary of the Alcoa Corporation (AA) Q3 2024 Earnings Call Transcript: Financial Performance: Alcoa Corporation reported a flat revenue of $2.9 billion in Q3 2024. Net income improved significantly to $90 million from $20 million in the prior quarter, with an earnings per share increase from $0.11 to $0.38. Adjusted EBITDA increased by $130 million to $455 million, driven primarily by higher average realized third-party prices for alumina and improved cost management in both raw materials and production. The Alumina segment saw a substantial increase in adjusted EBITDA, contributing $181 million, due to elevated alumina prices. The Aluminum segment, however, faced a decrease by $53 million, largely due to higher raw material costs and a drop in metal prices. Business Progress: Alcoa achieved its fourth consecutive quarterly production record at the Mosjoen smelter in Norway, while improving operations at the Alumar smelter in Brazil, now at

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Albemarle Shares Drop After Baird Expects Weak Lithium Pricing to Impact 2Q

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Albemarle shares touched a three-year low on Tuesday after Baird analyst Ben Kallo noted concerns about weak lithium pricing and the company’s second-quarter earnings. Shares of the lithium miner were recently down 6.5% to $92.64, after falling to $91.21. The stock has fallen about 36% this year. Kallo lowered the price target on the shares to $127 from $170. Kallo said in a research note that he believes the company will have a weak second quarter and revise its estimates downward to reflect a slower recovery in lithium pricing and demand for electric vehicles. The analyst sees second-quarter earnings of zero cents a share, compared with a consensus estimate of 60 cents a share. For 2024, he expects EPS of $1.96, versus a consensus of $3.14. Although the Baird analyst said data on EV deliveries, strong China sales data, and original equipment manufacturers maintaining EV transition targets might represent a

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Lithium Supplies Seen Rising, Weighing on Prices

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Lithium supplies are expected to rise and potentially push down prices of the battery metal, Morgan Stanley analysts say. Australia’s spodumene shipments should start to improve in the coming months and African shipments should also recover following the end of the wet season, say the MS analysts. China is likely to record another year of strong production growth after easing environmental restrictions, and Chile’s exports are touching all-time highs, they add. “While the lithium price has held up well year-to-date, a loosening [supply-demand] balance from here brings downside risks,” say the analysts. “The China lithium carbonate price is currently trading close to our base case of $13,500/ton but we see room for it to fall below this, with the price already starting to roll over recently.”

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Albemarle (ALB) Q1 2024 Earnings Call Transcript

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Albemarle (ALB)Q1 2024 Earnings CallMay 02, 2024, 9:00 a.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:   Operator Hello and welcome to Albemarle Corporation’s Q1 2024 earnings call. I will now hand it over to Meredith Bandy, vice president of investor relations and sustainability. Meredith Bandy — Vice President, Investor Relations and Sustainability Thank you. Welcome everyone to Albemarle’s first-quarter 2024 earnings conference call. Our earnings were released after the close of market yesterday, and you’ll find the press release and earnings presentation posted to our website under the Investor Section at albemarle.com. Joining me on the call today are Kent Masters, chief executive officer; and Neal Sheorey, chief financial officer. Netha Johnson, president of Specialties; and Eric Norris, president of Energy Storage are also available for Q&A. As a reminder, some of the statements made during this call, including our outlook, guidance, expected company performance, and timing of expansion

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Nucor(NUE) Q1 2024 Earnings Conference

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The following is a summary of the Nucor Corporation (NUE) Q1 2024 Earnings Call Transcript: Financial Performance: Nucor reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $1.5 billion and net earnings of $845 million or $3.46 per diluted share, for Q1 2024. The company returned $1.1 billion to shareholders via dividends and share repurchases and generated $460 million in operational cash flow. Shipments to outside clients rose by 5% quarter-on-quarter, reaching 6.2 million tons. Average mill pricing per ton increased almost 10% from the previous quarter, aligning with 2023 averages. The firm maintains a strong balance sheet, with debt to capital ratio at roughly 24% and total leverage at approximately one-time trailing 12-month EBITDA. Business Progress: Nucor intensified safety measures leading to a 30% decline in injury and illness rate from the previous year’s Q1. An agreement was established with Mercedes Benz to supply Econiq-RE steel formed

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Nucor Reports Results for the First Quarter of 2024

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Nucor Reports Results for the First Quarter of 2024 PR Newswire CHARLOTTE, N.C., April 22, 2024 First Quarter of 2024 Highlights — Net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share. — Net sales of $8.14 billion. — Net earnings before noncontrolling interests of $959.0 million; EBITDA of $1.50 billion. CHARLOTTE, N.C., April 22, 2024 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced consolidated net earnings attributable to Nucor stockholders of $844.8 million, or $3.46 per diluted share, for the first quarter of 2024. By comparison, Nucor reported consolidated net earnings attributable to Nucor stockholders of $785.4 million, or $3.16 per diluted share, for the fourth quarter of 2023 and $1.14 billion, or $4.45 per diluted share, for the first quarter of 2023. “Nucor’s performance continues to be strong even as steel market conditions have come off their post-pandemic record highs,” said Leon Topalian, Nucor’s

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Nucor Q1 EPS $3.46 Misses $3.65 Estimate, Sales $8.14B Miss $8.26B Estimate

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Nucor (NYSE:NUE) reported quarterly earnings of $3.46 per share which missed the analyst consensus estimate of $3.65 by 5.21 percent. This is a 22.25 percent decrease over earnings of $4.45 per share from the same period last year. The company reported quarterly sales of $8.14 billion which missed the analyst consensus estimate of $8.26 billion by 1.49 percent. This is a 6.58 percent decrease over sales of $8.71 billion the same period last year.

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Nucor Fiscal Q1 Earnings, Sales Drop; Guides to Sequential Decline in Q2 EPS; Shares Slump After Hours

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Nucor (NUE) reported fiscal Q1 earnings late Monday of $3.46 per diluted share, down from $4.45 a year earlier. Analysts polled by Capital IQ expected $3.66. Net sales for the quarter that ended March 30 was $8.14 billion, down from $8.71 billion a year earlier. Analysts surveyed by Capital IQ expected $8.3 billion. The company expects Q2 earnings to drop sequentially from Q1 due to falling steel mills segment earnings, led by lower average selling prices partially offset by modestly increased volumes. Analysts polled by Capital IQ expect $3.74. Shares of the company traded 6.3% lower in after-hours activity.

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Nucor Announces Guidance for the First Quarter of 2024 Earnings

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CHARLOTTE, N.C., March 14, 2024 /PRNewswire/ — Nucor Corporation (NYSE: NUE) today announced guidance for its first quarter ending March 30, 2024. Nucor expects first quarter earnings to be in the range of $3.55 to $3.65 per diluted share. Nucor reported net earnings of $3.16 per diluted share in the fourth quarter of 2023 and $4.45 per diluted share in the first quarter of 2023. The steel mills segment’s earnings are expected to increase in the first quarter of 2024 due to higher average selling prices and volumes, particularly at our sheet mills. Earnings in the steel products segment are expected to decrease in the first quarter of 2024 due to lower average selling prices and decreased volumes. We expect earnings in the raw materials segment in the first quarter of 2024 to be comparable to the fourth quarter of 2023 as improved performance of our DRI facilities is offset by lower margins at our scrap processing operations. Quarter-to-date, Nucor has

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