Alcoa Reported Net Loss in 2019, Revenues Dipped 22%

SEATTLE (Scrap Monster):  Alcoa Corporation reported fourth quarter and full-year 2019 results.

The company reported net loss of $303 million or $1.63 per share in the fourth quarter of the previous year, compared with a net loss of $221 million or $1.19 million per share in Q3 2019. The adjusted net loss at $57 million or $0.31 per share recorded improvement of 30% from the sequential quarter. The reported revenue for the quarter was down by 5% to $2.4 billion.

For full-year 2019, the company reported net loss of $1.125 billion or $6.07 per share, compared with net income of $250 million or $1.33 per share in 2018. The adjusted EBITDA excluding special items was down 47% from $3.1 billion in 2018 to $1.66 billion in 2019. Revenue too declined sharply by 22% to $10.4 billion.

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Alcoa foresees global aluminium surplus to range between 600,000 tons to 1 million metric tons in 2020. The global demand will grow by 1.4-2.4%. It expects a balanced alumina market, whereas bauxite market is likely to be in smaller surplus in 2020.

The total shipments from aluminium segment is expected to be in the range 3.0-3.1 million metric tons. The bauxite shipments are likely to range between 48 million and 49 million dry metric tons. The alumina shipments are projected to total around 13.6-13.7 million metric tons.