Alcoa Corporation Revenue Rose in Q2 2017

2017-07-20

Jul. 20, 2017 - ALCOA reported its results in 2Q 2017, the company reduce its full year 2017 EBITDA outlook to $2.2 billion from the previous $2.3 billion. The adjustment is based on the current market assumptions.

According to report, the net income is $75 million, increase by 36.4% year on year; adjusted net income reached $116 million, up by 163.4%.

Adjusted EBITDA excluding special items reached down 9% to $483 million compared with the Q1 2017. The decline was mainly due to lower alumina prices, which rebounded late in the quarter, partially offset by higher aluminum prices and other factors, as ALCOA said.

Revenue increased to $2.9 billion, up 8% percent sequentially, benefiting from higher shipments across its product portfolio in this period.

“Alcoa generated solid profitability in the second quarter with strong cash flow that grew our cash balance to more than $950 million. Through the first half of the year, our adjusted EBITDA topped $1 billion, and we expect improvements in the second half of 2017, despite higher input costs.” said Roy Harvey, President and Chief Executive Officer.