NYSE$AA
Alcoa · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Alcoa's Q3 2024 results reflected the acquisition of Alumina Limited and sequential increases in net income, adjusted net income, and Adjusted EBITDA excluding special items.
Alcoa reported a net income of $90 million, or $0.38 per common share, and an adjusted net income of $135 million, or $0.57 per common share. Adjusted EBITDA excluding special items increased sequentially to $455 million. The company completed the acquisition of Alumina Limited and announced the sale of its interest in the Ma’aden joint ventures.
- Net income increased sequentially to $90 million, or $0.38 per common share
- Adjusted net income increased sequentially to $135 million, or $0.57 per common share
- Adjusted EBITDA excluding special items increased sequentially to $455 million
- Completed the acquisition of Alumina Limited on August 1, 2024
Headline financials
Revenue & EPS history
Alcoa · Revenue · Quarterly
$2.9B
Revenue by segment
Alcoa · $2.77B total across 2 segments · Q3 2023
- Aluminum Sales$1.65B-16.6%59.6%
- Alumina Sales$1.12B+34.4%40.4%
Forward guidance
Alcoa expects total 2024 Alumina segment production to remain unchanged from the prior projection, ranging between 9.8 and 10.0 million metric tons. The Company is increasing its projection for shipments to range between 12.9 and 13.1 million metric tons. Alcoa expects 2024 total Aluminum segment production and shipments to remain unchanged from the prior projection, ranging between 2.2 and 2.3 million metric tons, and between 2.5 and 2.6 million metric tons, respectively.
Tailwinds
- Alcoa expects total 2024 Alumina segment production to remain unchanged from the prior projection, ranging between 9.8 and 10.0 million metric tons.
- The Company is increasing its projection for shipments to range between 12.9 and 13.1 million metric tons.
- Alcoa expects 2024 total Aluminum segment production and shipments to remain unchanged from the prior projection, ranging between 2.2 and 2.3 million metric tons.
- Alcoa expects 2024 total Aluminum segment production and shipments to remain unchanged from the prior projection, ranging between 2.5 and 2.6 million metric tons.
- For the fourth quarter 2024, the Company expects Aluminum Segment performance to be flat, maintaining the strong performance from the third quarter 2024.
Headwinds
- The Company expects Other expenses for the fourth quarter 2024 to increase approximately $20 million sequentially on Ma’aden equity losses and equity contributions to ELYSISTM.
- Based on current alumina and aluminum market conditions, Alcoa expects fourth quarter operational tax expense to approximate $120 million to $130 million, which may vary with market conditions and jurisdictional profitability.
- The difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts due to the curtailment of the Kwinana refinery.
- Unfavorable impacts of $30 million due to higher shipments and lower production costs.
- The process began in 2020 and Alcoa is focused on receiving approval by the first quarter of 2026.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
-1.6%
Avg return
Earnings day
-2.9%
Avg return
5 days after
+0.4%
Avg return
30 days after
42%
22 / 53 earnings
Positive
+15.7%
Q3 2021
Best reaction
-16.6%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.1% | -2.7% | -11.2% | |
| Q4 2025 | -3.1% | -5.0% | -4.2% | |
| Q3 2025 | +13.9% | +10.3% | +1.9% | |
| Q2 2025 | -0.2% | -6.4% | +6.1% | |
| Q1 2025 | -7.0% | -3.0% | +17.3% | |
| Q4 2024 | -3.7% | -11.9% | -11.3% | |
| Q3 2024 | -2.3% | +0.5% | +6.6% | |
| Q2 2024 | -7.8% | -10.7% | -16.9% | |
| Q1 2024 | -1.7% | +0.7% | +14.2% | |
| Q4 2023 | -4.0% | -0.9% | -1.7% | |
| Q3 2023 | -12.7% | -15.7% | -5.6% | |
| Q2 2023 | -6.7% | -3.7% | -17.3% | |
| Q1 2023 | -4.6% | -9.8% | -14.4% | |
| Q4 2022 | -9.7% | -5.7% | -14.5% | |
| Q3 2022 | -2.0% | -1.4% | +19.1% | |
| Q2 2022 | +0.6% | +4.2% | +13.6% | |
| Q1 2022 | -16.6% | -22.2% | -30.0% | |
| Q4 2021 | +2.0% | -3.4% | +30.2% | |
| Q3 2021 | +15.7% | +10.9% | +7.3% | |
| Q2 2021 | -6.2% | -0.5% | +28.8% | |
| Q1 2021 | +6.7% | -1.2% | +18.9% | |
| Q4 2020 | -13.3% | -16.2% | +0.2% | |
| Q3 2020 | -3.3% | -0.7% | +30.3% | |
| Q2 2020 | +7.0% | +0.9% | +16.1% | |
| Q1 2020 | -0.4% | +0.7% | +12.2% | |
| Q4 2019 | -12.7% | -13.2% | -23.1% | |
| Q3 2019 | +4.3% | +5.2% | +7.3% | |
| Q2 2019 | +0.4% | -1.5% | -24.9% | |
| Q1 2019 | -3.8% | +1.5% | -11.6% | |
| Q4 2018 | +2.4% | +1.3% | -2.2% | |
| Q3 2018 | +7.4% | +9.0% | -0.7% | |
| Q2 2018 | -13.5% | -13.9% | -12.5% | |
| Q1 2018 | +5.5% | -9.1% | -10.9% | |
| Q4 2017 | -5.8% | -5.9% | -15.8% | |
| Q3 2017 | -2.6% | +0.3% | -9.1% | |
| Q2 2017 | +0.8% | +0.7% | +3.7% | |
| Q1 2017 | +15.1% | +6.4% | +5.7% | |
| Q4 2016 | +0.7% | +1.0% | -5.4% | |
| Q3 2016 | -14.0% | -16.1% | +15.3% | |
| Q2 2016 | +8.8% | +11.2% | +5.2% | |
| Q1 2016 | +1.2% | — | — | |
| Q4 2015 | -9.8% | — | — | |
| Q3 2015 | -6.2% | — | — | |
| Q2 2015 | -4.3% | — | — | |
| Q1 2015 | -1.7% | — | — | |
| Q4 2014 | -1.9% | — | — | |
| Q3 2014 | -3.5% | — | — | |
| Q2 2014 | +6.5% | — | — | |
| Q1 2014 | +4.2% | — | — | |
| Q4 2013 | -6.7% | — | — | |
| Q3 2013 | +1.6% | — | — | |
| Q2 2013 | +1.3% | — | — | |
| Q1 2013 | +1.8% | — | — |
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