Alcoa Swings to Q3 Profit on Higher Alumina Prices, Lower Material Costs; Shares Jump 7%

MT Newswires Live10-17

Alcoa (ASX:AAI) swung to attributable net income of $90 million, or $0.38 per share, in the third quarter, versus loss of $168 million, or $0.94 per share, the previous year.

The company attributed the profit swing to higher alumina prices and lower raw material costs, according to a filing with the Australian bourse.

Revenue for the three months ended Sept. 30 rose year over year to $2.9 billion from $2.60 billion.

Alcoa maintained its 2024 aluminum segment production guidance of between 2.2 million and 2.3 million metric tons and shipment of between 2.5 million and 2.6 million metric tons.

The company also maintained alumina segment production guidance of between 9.8 million and 10 million metric tons but raised its projection for shipments by 200,000 metric tons to between 12.9 million and 13.1 million metric tons.

The company's shares surged past 7% in recent Thursday trade.

Price (AUD): $66.26, Change: $+4.51, Percent Change: +7.30%

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