Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported second quarter 2017 results. On a sequential basis, the Company increased revenue on higher shipments and grew its cash balance. Alcoa additionally maintained solid profitability despite lower alumina pricing.
The Company tightened its outlook for full-year adjusted 2017 EBITDA, excluding special items, to $2.1 to $2.2 billion, from $2.1 to $2.3 billion, based on current market assumptions. In addition, Alcoa now expects negative $50 million in net performance for full year 2017, as strength in the global aluminum market drives up input costs.
Roy Harvey, President and Chief Executive Officer, said:
“Alcoa generated solid profitability in the second quarter with strong cash flow that grew our cash balance to more than $950 million. Through the first half of the year, our adjusted EBITDA topped $1 billion, and we expect improvements in the second half of 2017, despite higher input costs.
We are pursuing a simple set of strategic priorities to reduce complexity, drive returns and strengthen the balance sheet, and we will continue to base each of our decisions on these three key levers for the benefit of our stockholders.”