After the market closed on Wednesday, Alcoa Corporation (AA.US) announced its financial results for the third quarter of 2024. The data showed that the company's Q3 revenue was $2.9 billion, a year-over-year increase of 12%, which was below the market expectation of $2.95 billion; net profit was $90 million, compared to a loss of $168 million in the same period last year; adjusted earnings per share were $0.57, which was better than the market expectation of $0.33.
In the third quarter, alumina production decreased by 4% quarter-over-quarter to 2.44 million tons, mainly due to the suspension of the Kwinana smelter. Aluminum production increased by 3% quarter-over-quarter to 559,000 tons, mainly due to the ongoing progress in the restart of the Alumar smelter.
In terms of shipments, third-party alumina shipments decreased by 9% quarter-over-quarter, mainly due to reduced transaction volumes. Aluminum shipments decreased by 6% quarter-over-quarter.
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Adjusted EBITDA was $455 million, an increase of $130 million quarter-over-quarter, mainly due to the rise in alumina prices and the decrease in raw material costs.
At the end of the quarter, the company's cash balance was $1.3 billion.
Alcoa President and CEO William F. Oplinger said, "In the third quarter, we maintained the pace of implementing strategic actions. After completing the acquisition of Alumina Limited and announcing the sale of our interests in the Ma'aden joint venture, we gained flexibility. Positive market conditions and our focus on continuous improvement made the third quarter's performance stronger, while we continue to implement plans to further strengthen our operations."
Looking ahead, Alcoa expects that the total alumina production for 2024 will remain consistent with previous forecasts, between 9.8 million and 10 million tons. The company has increased its shipment forecast to 12.9 million to 13.1 million tons, an increase of 200,000 tons from previous forecasts, mainly due to increased transaction volumes.
Alcoa expects that the total production and shipments of aluminum for 2024 will remain unchanged, between 2.2 million and 2.3 million tons and 2.5 million and 2.6 million tons, respectively.
As of the time of writing, Alcoa's shares rose 5.3% in after-hours trading,报价 at $44.30. So far this year, the stock has累计 increased by 25%.