Alcoa Announced Robust Third Quarter 2024 Results

SEATTLE (Scrap Monster): The third quarter of 2024 results were released by Alcoa Corporation. The company's profits increased significantly, primarily due to the rising price of alumina. The company's emphasis on ongoing enhancements and favorable markets also helped to produce the better quarterly outcomes.

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According to the press release, the business's net income was $90 million, or $0.38 per common share. This is in contrast to a net loss of 168 million in the same quarter the previous year and a net income of $20 in the sequential quarter. In the third quarter of this year, adjusted net income climbed sequentially from $30 million to $135 million, or $0.57 per common share. Additionally, there was a sequential increase in adjusted EBITDA (excluding exceptional items) from $325 million to $455 million.

Production of alumina fell sequentially by 4% to 2.44 million metric tons. Due to decreased trading, third-party alumina shipments decreased by 9%. Production of aluminum increased by 3% in the last quarter to reach 559,000 metric tons. Due mostly to a decline in trading and shipment scheduling, overall aluminum shipments declined by 6% over the previous quarter.

Alcoa Corporation ended Q3 2024 with a cash balance of $1.3 billion.

During the quarter, the company announced closing of the Alumina Limited acquisition and sale of its interest in the Ma’aden joint ventures.