Alcoa Q3 Results Beat View

(RTTNews) - Alcoa Corp. (AA), the largest producer of aluminum in the US, reported a loss for the third quarter, which was lower than Wall Street analysts' estimates. Revenues also trumped expectations.

Pittsburgh-based Alcoa reported third-quarter loss of $49 million or $0.26 per share, narrower than last year's loss of $221 million or $1.19 per share last year.

Adjusted loss for the quarter were $218 million or $1.17 per share, wider than last year's $82 million or $0.44 per share. On average, 8 analysts polled by Thomson Reuters expected loss of $1.38 per share.

Revenues for the quarter dropped to $2.37 billion from $2.57 billion a year ago. Analysts had a consensus revenue estimate of $2.23 billion.

"Across all of our segments, we are delivering solid results and continuing to improve overall performance," said Alcoa President and CEO Roy Harvey. "In the third quarter, we captured the gains from better pricing in alumina and aluminum, increased sales of value-add aluminum products, and realized a 54 percent sequential improvement in adjusted EBITDA. We also boosted our Company's liquidity, so we have even greater flexibility to execute on our strategy."

Alumina shipments rose to 2.55 million metric tons from 2.38 million metric tons last year.

Looking forward, the company expects its 2020 shipment outlook for Alumina to improve by 0.2 million metric tons to between 13.8 to 13.9 million metric tons due to improved production levels.

AA closed Wednesday's trading at $13.00, up $0.28 or 2.20%, on the NYSE. The stock, however, dropped $0.15 or 1.15% in the after-hours trade.