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Alcoa Corporation announces Q1’2019 results

Metal News - Published on Mon, 22 Apr 2019

Image Source: Alcoa
Alcoa Corporation has reported first quarter 2019 results. President & CEO Mr Roy Harvey said “We improved our operations in the first quarter, even as alumina and aluminum prices weakened. Our Bauxite and Alumina segments increased their production rates, and we took steps last quarter to restructure our Aluminum portfolio. We will work to realize the benefits of the strategic actions we’ve already taken as we remain focused on safety and operational excellence. We will also continue to review our assets for their ability to compete across all market cycles, all to strengthen the long-term position of the Company.”

In first quarter 2019, Alcoa reported net loss of USD 199 million, compared to net income of USD 51 million in fourth quarter 2018. The 2019 first quarter results include the impact of USD 156 million for special items, stemming primarily from a collective dismissal process at two smelters in Spain.

Excluding the impact of special items, first quarter 2019 adjusted net loss was USD 43 million, down from fourth quarter 2018 net income of USD 133 million

Alcoa reports adjusted EBITDA excluding special items for the first quarter of 2019 of USD 467 million, a 39% sequential decrease primarily due to lower alumina and aluminum prices

Alcoa reported first quarter 2019 revenue of USD 2.7 billion, down 19% sequentially, also primarily due to lower alumina and aluminum prices

M, except per share amounts1Q184Q181Q19
Net income (loss) attributable to Alcoa Corporation19551(199
Earnings (loss) per share attributable to Alcoa Corporation1.040.27(1.07
Adjusted net income (loss)190133(43
Adjusted earnings (loss) per share1.010.7(0.23
Adjusted EBITDA excluding special items732770467

Update on Spain Collective Dismissal Process - In January 2019, Alcoa reached agreement with the workers’ representatives at the Avilés and La Coruña aluminum plants in Spain as part of the collective dismissal process announced in October 2018. As part of the agreement, the two smelters, with combined operating capacity of 124,000 metric tons per year, were curtailed in February and are being maintained in restart condition through June 30, 2019, in the event that third parties have interest in acquiring the facilities. The casthouses at both plants and the paste plant at La Coruña remain in operation.

Alcoa Corporation said that the company’s 2019 shipment outlook for Bauxite, Alumina and Aluminum remains unchanged from the prior full-year estimates. Total annual bauxite shipments are expected to be between 47.0-48.0 million tonnes. Total alumina shipments are projected to be between 13.6-13.7 million tonnes with anticipated operational improvements and higher YoY production. Aluminum shipments are expected to be between 2.8 and 2.9 million tonnes.

In the second quarter of 2019, Alcoa expects favorable improvements from third-party energy sales in Brazil and lower alumina costs to the Aluminum segment. In addition, the Company also expects moderate benefits from declines in raw material prices, primarily in the Alumina segment.

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Posted By : Rabi Wangkhem on Mon, 22 Apr 2019
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