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Alcoa (NYSE:AA) -2.8% post-market Wednesday after reporting a narrower Q4 adjusted loss as revenues fell 2.5% Y/Y to $2.6B, in line with expectations, while costs fell nearly 8% from a year earlier.
Alcoa (AA) posted a GAAP loss of $150M, or $0.84/share, compared with a loss of $395M, or $2.24/share, for the year-ago period.
The company’s Q4 alumina production fell 1% Q/Q to 2.79M metric tons on lower output from its Australia refineries, while aluminum production increased 2% from the prior quarter’s strong output to 541K tons.
Q4 revenues fell 5% in the alumina segment due to an average realized third-party price decrease of 3% and lower shipments, and revenues in the aluminum segment gained 2% on an average realized third-party price increase of 1% and higher shipments.
For 2024, Alcoa (AA) guided for alumina production of 9.8M-10M metric tons and alumina shipments of 12.7M-12.9M metric tons, and aluminum production of 2.2M-2.3M tons, an increase from 2023 due to smelter restarts, with aluminum shipments of 2.5M-2.6M tons, consistent with 2023, as increased shipments from smelter restarts are offset by lower trading volumes.
