Alcoa (NYSE:AA) reported a Q2 adjusted loss per share of $0.35, swinging from a profit of $2.67 a share a year ago.
Analysts surveyed by Capital IQ expected a normalized loss of $0.47.
Revenue for the quarter ended June 30 was $2.68 billion, down from $3.64 billion last year.
Analysts polled by Capital IQ expected $2.74 billion.
For Q3, the company expects a net improvement of $25 million in Aluminum Segment adjusted EBITDA on favorable raw materials and lower production costs, partially offset by unfavorable value add aluminum products sales.
For 2023, the company expects total alumina and aluminum shipments to remain unchanged between 12.7 metric tons and 12.9 million metric tons and between 2.5 metric tons and 2.6 million metric tons, respectively.