Alcoa Posted Robust Results in First Quarter 2021
The company ended the quarter with cash on hand of $2.5 billion.
SEATTLE (Scrap Monster): Alcoa Corporation posted results for first quarter 2021. The company reported highest quarterly results since 2018, mainly driven by improved pricing and strong shipments.
Alcoa reported net income of $175 million, or $0.93 per share, in the first quarter 2021. This compares with net loss of $4 million, or $0.02 per share, in the fourth quarter 2020. The adjusted net income was $150 million, or $0.79 per share, almost three times the prior quarter’s adjusted net income of $49 million, or $0.26 per share. The adjusted EBITDA excluding special items surged higher from the sequential quarter by 44% to hit $521 million, said company press release.
ALSO READ:
Alcoa Concluded Sale of Warrick Rolling Mill Assets
Alcoa to Supply Aluminum for Audi's Electric Sports Car
The third-party shipments in Alumina and Aluminum have increased by approximately 7% and 13% respectively over the sequential quarter.
The company ended the quarter with cash on hand of $2.5 billion. The cash provided from operations was $6 million, whereas free cash flows stood at negative $69 million.
Looking into the future, the company expects strong 2021, based on continued economic recovery and increased demand for aluminum in all end markets. It expects double digit growth on year-over-year sales of value-add products in Aluminum segment. Meantime, the shipment outlook for Bauxite and Aluminum in 2021 remains unchanged from the prior full-year estimates.
- Panama President Sees No Environmental Threat from Copper at Closed First Quantum Mine
- Consumers Sue Exxon, Dow, Others over Plastic Recycling Claims
- VLS Environmental Solutions Announces Acquisition of Clearfield MMG in Virginia
- December 19, 2024: Scrap Gold and Platinum Prices Dipped, Silver Up on the Index
Scrap Metal Prices
Copper Scrap | ||
Alternator | 0.40 | $US/Lb |
#1 Copper Bare Bright | 4.17 | $US/Lb |
Aluminum Scrap | ||
356 Aluminum Wheels (Clean) | 0.81 | $US/Lb |
6061 Extrusions | 0.71 | $US/Lb |
Steel Scrap | ||
#1 Bundle | 360.00 | $US/MT |
#1 Busheling | 380.00 | $US/MT |
Electronics Scrap |