From Financial Modeling Prep: 2024-10-17 12:52:00

Alcoa Corp (NYSE:AA) exceeded Q3 earnings expectations, but shares fell 4% intra-day. EPS of $0.57 beat projections of $0.28, while revenue slightly missed at $2.9 billion. Net income rose to $90 million, with adjusted EBITDA at $455 million. CEO credits market conditions and operational improvements for strong performance.

Year-over-year, Alcoa saw an 11.6% revenue increase to $2.9 billion. Net income surged to $90 million, up from $20 million in the previous quarter. Adjusted EBITDA rose by $130 million to $455 million. President and CEO William F. Oplinger praised market conditions and operational enhancements for the positive results.

Alcoa reaffirmed its 2024 production outlook for Alumina and Aluminum segments. The company raised its Alumina shipment forecast to 12.9-13.1 million metric tons, up 0.2 million metric tons from previous guidance. The focus remains on boosting efficiencies and capitalizing on favorable market conditions for continued success.



Read more at Financial Modeling Prep:: Alcoa Shares Drop 4% Despite Strong Q3 Earnings