Alcoa Posts Record $3.97B Revenue, $2.12 EPS; Cuts Alumina Output View on Cyclone Hit
AA sits 59% above its 52-week low of $28.11.
Summary
Alcoa reported record Q2 revenue of $3.97 billion and adjusted EPS of $2.12, beating expectations, but cut alumina production guidance due to cyclone-related disruptions at its Pinjarra refinery.
Key Events · Earnings and Guidance · AA
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Record Revenue and Earnings Beat
Q2 revenue hit a record $3.97 billion, up 24% sequentially, with adjusted EPS of $2.12, driven by higher aluminum prices and shipments.
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Alumina Production Guidance Cut
Full-year alumina production guidance reduced by 0.2-0.3 million metric tons to 9.5-9.6 million metric tons due to instability at the Pinjarra refinery worsened by Cyclone Narelle.
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Strong Cash Generation
Cash from operations was $608 million, free cash flow was $422 million, and the company redeemed the remaining $219 million of 6.125% Senior Notes due 2028.
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Strategic Acquisition Context
The strong results come two weeks after Alcoa announced a $4.1 billion acquisition of South32's bauxite, alumina, and aluminum assets, reinforcing its upstream position.
Analysis · AA · Manufacturing
Alcoa delivered a blowout second quarter, with revenue surging 24% sequentially to a record $3.97 billion and adjusted EPS of $2.12 crushing estimates. The strong results were driven by higher aluminum prices and shipments, including the completion of the San Ciprián smelter restart. However, the company lowered its full-year alumina production guidance by 0.2-0.3 million metric tons after Cyclone Narelle exacerbated instability at the Pinjarra refinery in Australia. The earnings beat and robust free cash flow of $422 million provide a strong financial backdrop as Alcoa pursues its $4.1 billion acquisition of South32's assets, announced just two weeks ago.
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At the time of this filing, AA was trading at $44.80 on NYSE in the Manufacturing sector, with a market capitalization of approximately $12.4B. The 52-week trading range was $28.11 to $84.38. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.