Alcoa Q3 net loss $168M; adjusted EBITDA $70M amid lower alumina and aluminum prices

Alcoa Corp

2023-Q3 EPS reported -$2.81 revenue$7,956,000,000

Net loss $168M ($0.94/share) vs $102M loss in Q2; adjusted loss $1.14/share.
Revenue $2.6B down 3% sequentially; lower alumina and aluminum prices partially offset by higher shipments.
Adjusted EBITDA $70M down from $137M Q2; cash from operations $69M, free cash flow negative $76M.
Kwinana refinery restructuring initiated; $6M charge in Q3, ~$10M annual savings anticipated.
New 9-year power agreement with AGL for Portland smelter (300 MW) effective July 2026.

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 0.9

Alcoa Corp reported third quarter 2023 results: revenue $2,602, net income $(168), EPS $(0.94).

Period: third quarter 2023
Revenue: $2,602
Net income: $(168)
EPS: $(0.94)
Result: reported results

Exact text from the filing

from operations despite lower sequential average realized prices for alumina and aluminum. Financial Results and Highlights M, except per share amounts 3Q23 2Q23 3Q22 Revenue $2,602 $2,684 $2,851 Net loss attributable to Alcoa Corporation $(168) $(102) $(746) Loss per share attributable to Alcoa Corporation $(0.94) $(0.57) $(4.17) Adjusted net loss $(202)

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Source: SEC EDGAR

accession 0001157523-23-001501

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