Summary by Moomoo AI
Alcoa Corporation reported a significant increase in Q3 2024 profits, with net income rising to $90 million from $20 million in Q2. Adjusted EBITDA excluding special items jumped to $455 million from $325 million, driven by higher alumina prices and lower raw material costs.The company completed its acquisition of Alumina Limited on August 1, 2024, strengthening its position as a pure-play upstream aluminum company. Alcoa also announced an agreement to sell its 25.1% stake in the Ma'aden joint ventures for approximately $1.1 billion, expected to close in H1 2025.Alcoa maintained its 2024 Alumina segment production outlook at 9.8-10.0 million metric tons but increased shipment projections to 12.9-13.1 million metric tons. The company expects Q4 Alumina Segment Adjusted EBITDA to benefit from higher shipments and lower production costs, while Aluminum Segment performance is anticipated to remain flat.
