Alcoa Corporation has released its preliminary second quarter 2024 results, showing significant sequential increases in various financial metrics compared to the first quarter of 2024.
In terms of revenue, the company reported a range between $2,850 million and $2,925 million for the second quarter of 2024, marking a notable sequential increase from the first quarter's revenue of $2,599 million.
The net income attributable to Alcoa Corporation also demonstrated a substantial positive shift, with the company expecting net income between $5 million and $25 million in the second quarter of 2024, compared to a net loss of $(252) million in the first quarter of the same year.
Adjusted net income and adjusted EBITDA excluding special items also reflected positive sequential changes, with adjusted net income ranging between $15 million and $35 million in the second quarter of 2024, and adjusted EBITDA between $310 million and $330 million, compared to adjusted net loss of $(145) million and adjusted EBITDA of $132 million in the first quarter of 2024, respectively.
Furthermore, the company highlighted increases in aluminum shipments and the restart of one potline at Warrick operations as contributing factors to the sequential increase in total shipments, which are expected to rise approximately 7 percent from the first quarter of 2024.
Alcoa's president and CEO, William F. Oplinger, emphasized the strong preliminary results for the second quarter of 2024, attributing them to market improvements and expressing anticipation for the upcoming acquisition of Alumina Limited.
The company's cash balance is projected to approximate $1.4 billion at the end of June 30, 2024, remaining consistent with the previous quarter despite increased cash provided from operations and capital expenditures.
Alcoa's acquisition of Alumina Limited, progress on ElysisTM technology, and the completion of the full curtailment of the Kwinana refinery were highlighted as key actions during the second quarter of 2024.
It's important to note that the information regarding the second quarter of 2024 remains preliminary and is subject to change and finalization based on the completion of all quarter-end close processes. Alcoa is set to announce its second quarter 2024 results on Wednesday, July 17, 2024. As a result of these announcements, the company's shares have moved -4.6% on the market, and are now trading at a price of $38.46. If you want to know more, read the company's complete 8-K report here.
