Alcoa¡¯s Q2 2019 revenue remains flat Q-o-Q at $2,711 million; Adjusted EBITDA drops 2.5%

Alcoa Corporation in the financial results of second quarter 2019 declared that its revenue stood at $2,711 million, compared to $2,719 million in Q1 2019. This indicates the company’s revenue remained flat quarter-on-quarter in Q2 2019. The net loss recorded at $402 million or $2.17 per share, in comparison with a net loss of $199 million or $1.07 per share in Q1 2019.

The second quarter results include the impact of $400 million of special items, including $319 million from the divestiture of Alcoa’s interest in the Ma’aden Rolling Company (MRC) in Saudi Arabia and $81 million in other special items.

Excluding the impact of special items, adjusted net loss improved sequentially to $2 million, or $0.01 per share.

The adjusted EBITDA excluding special items stood at $455 million in Q2 2019, down 2.5 per cent from $467 million in Q1 2019.

Commenting on the quarter results, Alcoa’s President and Chief Executive Officer Roy Harvey said, ““In the second quarter, our Aluminium segment rebounded despite weaker metal prices, and we reported a solid cash balance, even after sizeable cash outlays. We also maintained strong operational performance across all of our businesses.”

Alcoa continues to hold its interests in the Ma’aden joint venture’s bauxite mining, alumina refining, and aluminium smelting businesses. It reached two new competitive labour agreements at smelters in Quebec - Baie Comeau and Aluminerie de Bécancour (ABI). Work on the full restart of ABI is expected to begin from July 26, 2019 and end in the second quarter of 2020. Alcoa also reached a conditional agreement on July 5 to divest the Avilés and La Coruña aluminium plants in Spain. Besides, plans to upgrade the Deschambault smelter in Québec for increasing production by approximately 10 percent by the end of 2021 are also on the plate.

Alcoa’s full-year shipment outlook for bauxite, alumina, and aluminium in 2019 remains unchanged from the previous year. The total annual bauxite shipment is expected to range between 47.0 and 48.0 million dry metric tonnes, while the alumina shipment between 13.6 and 13.7 million tonnes, in anticipation of operational improvements and higher year-on-year production. Aluminium shipments are expected to come in between 2.8 and 2.9 million tonnes.

For the third quarter of 2019, Alcoa expects benefits from higher volumes and lower costs for raw materials and maintenance in the alumina and bauxite segments.

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