Alcoa Q1 revenue $2.6B, net loss $252M; Alumina Ltd acquisition; $100M cost savings target

Alcoa Corp

2024-Q1 EPS reported -$1.41 revenue$2,599,000,000

Revenue $2,599M flat QoQ; net loss $(252)M ($1.41/sh); adjusted net loss $(145)M ($0.81/sh).
Entered binding all-stock agreement to acquire Alumina Limited; expects to close subject to approvals.
Initiated process for potential sale of San Ciprián complex; bid process by June 2024.
Launched productivity program targeting ~$100M operating cost run-rate savings by Q1 2025.
Issued $750M green bonds at 7.125% due 2031; cash balance $1.4B includes net proceeds.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Alcoa Corp reported first quarter 2024 results: revenue $2,599, net income $(252), EPS $(1.41).

Period: first quarter 2024
Revenue: $2,599
Net income: $(252)
EPS: $(1.41)
Result: reported results

Exact text from the filing

Alcoa Corporation Reports First Quarter 2024 Results PITTSBURGH--(BUSINESS WIRE)--April 17, 2024--Alcoa Corporation (NYSE: AA) today reported results for the first quarter 2024, a period that included the announced acquisition of Alumina Limited and continued action on near-term improvements. Financial Results and Highlights M, except per share amounts 1Q24 4Q23 1Q23 Revenue $2,599 $2,595 $2,670 Net loss attributable to Alcoa Corporation $(252) $(150) $(231) Loss per share attributable to Alcoa Corporation $(1.41) $(0.84) $(1.30)

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Source: SEC EDGAR

accession 0000950170-24-045115

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