Alcoa Corp. Q4 Loss Shrinks

(RTTNews) - Alcoa Corporation (AA) Wednesday reported a narrower loss for the fourth quarter, helped largely by lower raw material and production costs, along with favorable currency movements.

For the fourth quarter, the company reported a loss of $150 million or $0.84 loss per share, narrower than last year's $395 million or $2.24 loss per share.

On an adjusted basis, loss for the fourth quarter totaled $100 million or $0.56 loss per share versus $144 million or $0.82 loss per share the prior year.

Six analysts, on average, surveyed by Thomson Reuters had estimated a loss of $0.86 per share for the fourth quarter.

Revenue for fourth quarter decreased to $2.6 billion from last year's $2.7 billion, reflecting changes in third-party prices and lower shipments.

For fiscal year 2023, the loss surged to $651 million or $3.65 loss per share from last year's $123 million or $0.68 loss per share.

Excluding items, the loss stood at $405 million or $2.27 loss per share compared with a profit of $869 million or $4.71 per share from the previous year.

However, analysts polled by Thomson Reuters estimated a loss per share of $2.44 for the full year 2023.

Revenue for the full year 2023 declined to $10.6 billion from $12.5 billion last year, primarily due to lower third-party prices for aluminum and alumina.

Adjusted EBITDA for the fourth quarter stood at $89 million, while the same stood at $536 million for the fiscal year 2023.

Alcoa's stock dropped 3.24 percent to $26.30 during the aftermarket trading on the New York Stock Exchange.