Alcoa Earnings Boosted by Robust Aluminum Pricing

SEATTLE (Scrap Monster): Pittsburgh-based Alcoa Corporation reported highest-ever profitability since its launch as an independent company. The peak net income and earnings per share were mainly on account of strong aluminum pricing and robust ongoing customer demand.

According to company press release, it reported record quarterly net income of $309 million and earnings of $1.63 per share. This compares with net loss of $197 million and earnings loss of $1.06 per share during the corresponding quarter a year before. The adjusted EBITDA excluding special items surged higher by almost 19% over the sequential quarter to $618 million. The adjusted net income was $281 million or $1.49 per share, significantly higher by 87% from the prior year quarter.

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The third party alumina shipments continued to remain strong, aided by boosted production. The total third-party shipments of aluminum were consistent with the prior quarter. All of the company’s three segments reported stable daily average production, with performance of alumina segment hitting near-record levels.

The total debt and net debt stood at $2.3 billion and $642 million as at end-June this year. The cash balance at the end of Q2 2021 was $1.65 billion.