Summary by Moomoo AI
Alcoa Corporation reported net income of $90 million in Q3 2024, up from $20 million in Q2 2024. Revenue remained stable at $2.9 billion. The improvement was driven by higher alumina prices and favorable currency impacts, partially offset by lower aluminum shipments and higher taxes.The Alumina segment saw Adjusted EBITDA increase to $367 million from $186 million in Q2, benefiting from a 27% rise in the Alumina Price Index to $496/ton. Aluminum segment Adjusted EBITDA declined to $180 million from $233 million due to higher raw material costs. Total aluminum production rose 3% sequentially to 559,000 metric tons.Alcoa completed its acquisition of Alumina Limited on August 1, increasing its ownership in the AWAC joint venture to 100%. The company also announced plans to sell its 25.1% stake in its Saudi Arabia joint venture to Ma'aden for $1.1 billion in cash and shares. Alcoa expects Q4 alumina shipments to increase and maintained its full-year 2024 production outlook.