Summary by Moomoo AI
Alcoa Corporation reported Q2 2024 net income of $20 million, or $0.11 per share, reversing a loss from Q1. Revenue increased 12% sequentially to $2.9 billion on higher alumina and aluminum prices. Adjusted EBITDA excluding special items rose to $325 million from $132 million in Q1.The Alumina segment saw production decrease 5% to 2.53 million metric tons due to the Kwinana refinery curtailment. Aluminum production held steady at 543,000 metric tons. The company completed the full curtailment of the Kwinana refinery in Australia as planned and made progress on profitability improvement programs targeting $645 million in enhancements by end-2025.Alcoa expects to close its acquisition of Alumina Limited around August 1, 2024. For Q3, the company anticipates $10 million in unfavorable impacts from bauxite grade in Australia for the Alumina segment, and $10 million in favorable raw material prices for the Aluminum segment. Interest expense is projected to increase by $5 million due to assuming Alumina Limited's debt.
