NYSE$AA
Alcoa · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Alcoa Corporation's Q4 2023 earnings were reported, demonstrating progress on key priorities.
Alcoa Corporation reported fourth quarter 2023 revenue of $2.595 billion and a net loss attributable to Alcoa Corporation of $150 million, or $0.84 per share. Adjusted net loss was $100 million, or $0.56 per share. The company ended the quarter with a cash balance of $944 million and free cash flow of $10 million.
- Received approval to continue bauxite mining in Western Australia.
- Received clarification on qualification for Section 45X of the Inflation Reduction Act (IRA).
- Began restart of additional smelting capacity at Warrick Operations in Indiana.
- Initiated engagement with Spanish stakeholders regarding path forward for the San Ciprián complex.
Headline financials
Revenue & EPS history
Alcoa · Revenue · Quarterly
$2.6B
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 provided an outlook for 2024, expecting alumina production to range between 9.8 and 10.0 million metric tons and alumina shipments to range between 12.7 and 12.9 million metric tons. The Aluminum segment is expected to produce 2.2 to 2.3 million metric tons and aluminum shipments are expected to be between 2.5 million and 2.6 million metric tons.
Tailwinds
- Alcoa expects alumina production to range between 9.8 and 10.0 million metric tons in 2024.
- Alcoa expects alumina shipments to range between 12.7 and 12.9 million metric tons in 2024.
- The Aluminum segment is expected to produce 2.2 to 2.3 million metric tons in 2024.
- Aluminum shipments are expected to be between 2.5 million and 2.6 million metric tons in 2024.
- Company initiated a productivity and competitiveness program across its global operations and functions.
Headwinds
- Within first quarter 2024 Alumina Segment Adjusted EBITDA, the Company expects approximately $15 million of unfavorable impacts related to higher maintenance costs and lower shipments in Australia.
- Within first quarter 2024 Aluminum Segment Adjusted EBITDA, the Company expects sequential favorable energy costs, primarily due to lower prices in Brazil and Norway, to be fully offset by lower product premiums and an unfavorable net impact due to the non-recurrence of fourth quarter 2023 items related to the IRA 45X credit and carbon dioxide compensation changes in Norway.
- Alumina costs in the Aluminum segment are expected to be unfavorable by $5 million sequentially.
- The Company expects an unfavorable sequential impact of approximately $20 million from hedge programs for the Alumar smelter restart, which ended in December 2023.
- Other income for the fourth quarter of 2023 included favorable impacts of $51 million related to foreign currency gains that may not recur.
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 Q4 2023
-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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