Alcoa Corp. (NYSE:AA) posted its second-quarter results after Thursday’s closing bell, missing analysts’ earnings estimates. Here’s a look at the details inside the report.
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Alcoa Q2 Details
Alcoa reported quarterly earnings of $2.12 per share, which missed the Street estimate of $2.25 by 5.78%, according to Benzinga Pro data.
Quarterly revenue came in at $3.97 billion, which beat the analyst consensus estimate of $3.94 billion.
Alcoa reported the following second-quarter results:
- Production: Alumina production decreased 6% sequentially to 2.2 million metric tons. In the Aluminum segment, production increased 5% sequentially to 636,000 metric tons.
- Shipments: In the Alumina segment, third-party shipments of alumina were flat sequentially at 1.6 million metric tons. In Aluminum, total shipments increased 18% sequentially.
- Revenue: The company’s total third-party revenue of $4 billion increased 24% sequentially. In the Alumina segment, third-party revenue decreased 3%. In the Aluminum segment, third-party revenue increased 31%.
“During the second quarter, in addition to delivering strong financial results that captured favorable aluminum prices, our team executed on strategic initiatives, most notably the announced agreement with South32,” said Alcoa CEO William F. Oplinger.
AA Stock Price Activity: According to data from Benzinga Pro, Alcoa stock was down 2.88% to $45.45 in Thursday’s extended trading.
Photo courtesy of Alcoa Corp.
