Alcoa Corporation Reports First Quarter 2017 Results

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.”

Read the full news release here.