NEW YORK CITY (dpa-AFX) - Alcoa Corp. (AA), Wednesday reported results for the first quarter, with earnings beating Street view, while revenues fell short of expectations.
Pittsburgh-based Alcoa reported first-quarter profit of $469 million or $2.49 per share, compared to last year's profit of $175 million or $0.93 per share.
Excluding one-time items, earnings for the quarter were $577 million or $3.06 per share, compared to last year's profit of $150 million or $0.79 per share. On average, 10 analysts polled by Thomson Reuters expected earnings of $2.93 per share.
Revenues for the quarter rose to $3.29 billion from $2.87 billion a year ago. Analysts had a consensus revenue estimate of $3.45 billion.
'We had an excellent start to the year with record profitability in the first quarter, including quarterly EBITDA that surpassed $1 billion for the first time in our history,' said Alcoa President and CEO Roy Harvey. 'We also further strengthened our portfolio, provided capital returns to our investors, and captured the benefits of strengthened aluminum pricing.'
Alumina shipments dropped to 2.28 million metric tons from 2.47 million metric tons last year. Aluminum shipments slipped to 634 thousand metric tons from 831 thousand metric tons last year. Bauxite shipments dropped to 0.8 million dry metric tons from 1.5 million last year.
Average price per metric ton of alumina increased to $375 from $308 last year, while aluminum's average price rose to $3,861 per metric ton from $2,308 per metric ton last year.
Looking forward, the company has decreased its projection for bauxite shipments in 2022 by 2 million dry metric tons to range between 46.0 and 47.0 million dry metric tons. Due to Alcoa's cessation of bauxite sales to Russian businesses, the vompany expects to slow production in its Juruti mine in Brazil by about 1.1 million dry metric tons.
Further, Alcoa expects alumina and aluminum shipments to remain unchanged between 14.2 and 14.4 million metric tons, and between 2.5 and 2.6 million metric tons, respectively.
For the second quarter 2022, based on current prices, Alcoa expects both alumina and aluminum realized third-party prices to be higher than the first quarter, with that benefit partly offset by approximately $115 million of higher energy and raw materials costs.
AA closed Wednesday's trading at $86.93, up $0.35 or 0.40%, on the NYSE. The stock, however, slipped $3.18 or 3.66%, in the after-hours trading.
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