Alcoa Reports Narrowed Loss in Q3

by webmaster

Alcoa, the Pittsburgh-based aluminum producer, announced that its loss in the third quarter has narrowed, despite continued pressure from lower aluminum prices. The company reported a loss of $168 million, or 94 cents a share, compared to a loss of $746 million, or $4.17 a share, for the same period last year.

When excluding one-time items, the adjusted loss per share was $1.14, exceeding analysts’ expectations of a loss of $1.06, according to FactSet.

Alcoa cited lower average realized pricing for alumina and aluminum, along with a negative currency impact of $83 million, as the main factors affecting their results. Although the company managed to reduce raw material and production costs, it was not enough to offset these challenges.

Total revenue also experienced a decline of 8.7%, amounting to $2.6 billion. However, this figure slightly surpassed analysts’ predictions of $2.59 billion.

Looking ahead, Chief Executive William Oplinger expressed the company’s determination to improve margins through operational productivity. Alcoa plans to work diligently across its global system to achieve this goal.

Willing to try automated trading?
See the best forex robots rating to make the right choice.
Explore the list here >
Willing to try automated trading?
See the best forex robots rating to make the right choice.
Explore the list here >

Related Articles

Leave a Comment

78 − 70 =