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Alcoa Corporation Releases Preliminary Second Quarter 2020 Results

Metal News - Published on Fri, 10 Jul 2020

Image Source: Alcoa
Alcoa Corporation has released preliminary second quarter 2020 results that show the Company’s cash balance rising to more than USD 950 million with improved productivity and continued stability in operations during the coronavirus pandemic. Alcoa President and Chief Executive Officer Roy Harvey said “We’ve not only managed to sustain our operations during these challenging times, but we’ve also continued to drive for sustainable improvements. In the second quarter, we realized gains in productivity, cost savings and also increased our cash balance. Now, we’re working to increase overall liquidity and gain even greater flexibility as we execute on our strategy, including the ongoing portfolio review and the sale of non-core assets.”

M, except per share amounts2Q201Q202Q19
Revenue$2,100 - $2,175$2,381 $2,711
Net (loss) income attributable to Alcoa Corporation$(205) - $(190)$80 ($402)
(Loss) earnings per share attributable to Alcoa Corporation$(1.10) - $(1.02)$0.43 ($2.17)
Adjusted net loss$(15) - $0($42)($2)
Adjusted loss per share$(0.08) - $0.00($0.23)($0.01)
Adjusted EBITDA excluding special items$175 - $190$321 $455

Production at the Company’s mining and refining locations is expected to increase approximately 5 percent and 2 percent, respectively, compared with the first quarter 2020 production results. Primary aluminum production is expected to increase approximately 3 percent compared with the first quarter of 2020. The expected sequential production increases are consistent with historical expectations as the Company typically has higher maintenance in the first quarter than other quarterly periods.

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Posted By : Yogender Pancholi on Fri, 10 Jul 2020
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