Company grew profits sequentially on stronger alumina and aluminum pricing
1Q 2017 Results
- Net income of $225 million, or $1.21 per share
- Excluding special items, adjusted net income of $117 million, or $0.63 per share
- Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA), excluding special items of $533 million, up 59 percent sequentially driven by higher alumina and aluminum pricing
- Revenue of $2.7 billion, up 5 percent sequentially, reflecting increased alumina and aluminum pricing
- $804 million cash balance and $1.45 billion of debt, for net debt of $0.65 billion, as of March 31, 2017
- Company continues to expect full-year 2017 adjusted EBITDA, excluding special items, between $2.1 billion and $2.3 billion
Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported that first quarter 2017 profits grew sequentially on stronger alumina and aluminum pricing and that it maintained a solid cash position.
In addition, the Company reiterated its expectations of full-year 2017 adjusted EBITDA, excluding special items, between $2.1 billion and $2.3 billion, based on April 2017 market assumptions, and net performance of $50 million for the year.
Roy Harvey, Chief Executive Officer of Alcoa, commented:
“Alcoa is off to a strong start with our first full quarter as an independent company. In our Bauxite segment, our third-party business remained strong and we continued to grow profits, while our Alumina and Aluminum segments captured the benefits of improved market pricing to increase earnings substantially.”