Alcoa 4Q Loss Narrows, Revenue Declines 20% on Lower Alumina, Aluminum Prices
2023-01-19
Jan. 18, 2023 - Alcoa Corp. on Wednesday narrowed its fourth-quarter loss, but reported a 20% decline in revenue, as it gears up for a change in its executive leadership.
The Pittsburgh-based aluminum producer said its fourth-quarter loss narrowed to $374 million from $392 million in the last year. On a per share basis, the loss was $2.12 compared with $2.11 a year earlier. Adjusted loss was 70 cents a share, compared with earnings per share of $2.50 in the year-ago quarter. Analysts polled by FactSet expected an adjusted loss of 81 cents a share.
The company said its loss included a $217 million charge related to a tax expense.
Revenue declined to 20% to $2.66 billion from $3.34 billion. Analysts polled by FactSet expected $2.65 billion. Alcoa attributed the decline in revenue to lower prices for both alumina and aluminum.
Alcoa on Jan. 10 said its executive leadership changes, effective Feb. 1, included Chief Financial Officer William Oplinger's reassignment to chief operations officer in addition to his executive vice president role. Additionally, Senior Vice President and Controller Molly Beerman was appointed executive vice president and CFO.
The leadership transitions also included the departure of John Slaven as EVP and chief operating officer and Benjamin Kahrs as EVP and chief innovation officer, among other changes.