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Wednesday, January 15, 2020

-=Alcoa (AA) reported earnings on Wed 15 Jan 20 (a/h)

Alcoa misses by $0.09, misses on revs
  • Reports Q4 (Dec) loss of $(0.31) per share, excluding non-recurring items, $0.09 worse than the S&P Capital IQ Consensus of ($0.22); revenues fell 27.2% year/year to $2.44 bln vs the $2.49 bln S&P Capital IQ Consensus.
  • Q1 Outlook: Co expects lower quarterly results in the Bauxite segment primarily due to lower pricing and seasonally lower volumes. In the Alumina segment, co expects benefits from lower costs for raw materials and the announced portfolio decision to be mostly offset by lower volumes and higher operating costs due to seasonal maintenance. In the Aluminum segment, co expects performance to be flat, as improvements from lower alumina costs are expected to be offset by higher energy costs, lower rolled products shipments, and unfavorable price and mix.
  • 2020 Market Outlook: In 2020, Alcoa expects a balanced alumina market ranging between negative 100 thousand metric tons to positive 700 thousand metric tons. Compared to 2019, the bauxite market is projected to be in a smaller surplus in 2020, with Chinese stockpile projected to continue, ranging between 8 million and 12 million metric tons. The 2019 surplus was lower than previously expected, estimated to be between 10 million and 12 million metric tons.

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