Thu, Oct 31, 8:26 PM (62 days ago)
In the third quarter of 2024, Alcoa Corporation (NYSE: AA) reported revenues of $2,904 million, a 12% increase from $2,602 million in Q3 2023, driven by higher alumina prices and improved operational efficiency. Net income attributable to Alcoa was $90, contrasting with a loss of $168 million in the same quarter last year. The company’s cash flow from operations was positive at $207 million, up from a cash outflow of $107 million in the prior year, reflecting favorable raw material costs and higher alumina pricing. Alcoa completed the acquisition of Alumina Limited, enhancing its upstream capabilities, and announced plans to divest its 25.1% stake in a Saudi joint venture. The restructuring efforts led to charges of $30 million in Q3 and $250 million year-to-date, primarily related to the Kwinana refinery curtailment. Despite challenges such as rising energy costs and fluctuating aluminum prices, Alcoa's strategic initiatives position it for future stability. The company maintains a strong liquidity position with cash and equivalents of $1,313 million as of September 30, 2024, and has no significant debt maturities until 2027.