Alcoa

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 […]

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

Alcoa Expects FY23 Outlook for Total Alumina to Remain Unchanged at 12.7 to 12.9 M Metric Tons.

Alcoa Expects FY23 Outlook for Aluminum Shipments to Remain Unchanged at 2.5 to 2.6 M Metric Tons。

Alcoa reported quarterly losses of $1.14 per share, which missed the analyst consensus estimate of losses of $1.13, compared to losses of 33 cents per share from the same period last year. The company reported quarterly sales of $2.60 billion, which marginally beat the analyst consensus estimate of $2.59 billion, an 8.73% decrease over sales of $2.85 billion in the same period last year. The company also increased third-party shipments of alumina by 11% and aluminum by 1% sequentially. “We are already beginning to see progress with better, year-on-year safety results, as well as production records from our smelters in Quebec,” said Alcoa President and CEO William F. Oplinger. “And we will build on that momentum across our business as we progress, to remain well positioned to deliver today and in the future.” Based on current alumina and aluminum market conditions, Alcoa expects fourth-quarter operational tax expense to approximate $10 million

Morgan Stanley analyst Carlos De Alba maintains Alcoa (NYSE:AA) with a Underweight and lowers the price target from $27.5 to $27.

Morgan Stanley analyst Carlos De Alba maintains Alcoa (NYSE:AA) with a Underweight and lowers the price target from $28.5 to $27.5.

B of A Securities analyst Lawson Winder downgrades Alcoa (NYSE:AA) from Buy to Neutral and lowers the price target from $35 to $25.

Citigroup analyst Alexander Hacking maintains Alcoa (NYSE:AA) with a Buy and lowers the price target from $42 to $32.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target by $21 to $14, as we value AA at an EV/EBITDA of 5.1x our 2024 EBITDA estimate, which is in line with AA’s three-year average forward EV/EBITDA. We decrease our 2023 EPS estimate by $1.30 to a loss per share of $2.33 and shift 2024’s from an EPS of $2.91 to a loss per share of $0.57. AA posted a Q3 adjusted loss per share of $1.14 vs. a loss per share of $0.33, $0.07 better than consensus, with a top-line beat of 0.7%. The biggest factors leading to our bearish outlook are 1) consensus estimates that are too optimistic for 2024, in our view; 2) AA is currently hemorrhaging cash, with negative free cash flow of $76M during Q3 and negative

October 18, 2023– Alcoa Corporation (NYSE: AA) today reported third quarter 2023 results that include increased third-party shipments in the Company’s two segments and a sequential improvement in cash generated from operations despite lower sequential average realized prices for alumina and aluminum. Financial Results and Highlights M, except per share amounts 3Q23 2Q23 3Q22 —————————————— ——– ——– ——– Revenue $2,602 $2,684 $2,851 Net loss attributable to Alcoa Corporation $(168) $(102) $(746) Loss per share attributable to Alcoa Corporation $(0.94) $(0.57) $(4.17) —————————————— ——– ——– ——– Adjusted net loss $(202) $(62) $(60) Adjusted loss per share $(1.14) $(0.35) $(0.33) —————————————— ——– ——– ——– Adjusted EBITDA excluding special items $70 $137 $210 —————————————— ——– ——– ——– — Increased third-party shipments of alumina by 11 percent and aluminum by 1 percent sequentially — Generated $69 million in cash from operations, a sequential improvement of $82 million — Finished the third quarter with a

Alcoa (NYSE:AA) reported quarterly losses of $(1.14) per share which missed the analyst consensus estimate of $(1.13) by 0.88 percent. This is a 245.45 percent decrease over losses of $(0.33) per share from the same period last year. The company reported quarterly sales of $2.60 billion which beat the analyst consensus estimate of $2.59 billion by 0.42 percent. This is a 8.73 percent decrease over sales of $2.85 billion the same period last year.