Alcoa Posts Narrower Q1 Loss YoY - Quick Facts

(RTTNews) - Alcoa Corp. (AA) reported a first quarter adjusted loss per share of $0.23, flat with a year ago. On average, eight analysts polled by Thomson Reuters expected the company to report a loss per share of $0.24, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenue declined to $2.38 billion from $2.72 billion, previous year. Analysts expected revenue of $2.35 billion for the quarter.

Alcoa ended the quarter with cash on hand of $829 million and debt of $1.8 billion, for net debt of $973 million.

Alcoa announced it will curtail the remaining 230,000 metric tons of uncompetitive smelting capacity at its Intalco smelter in Ferndale, Washington amid declining market conditions. The company will record estimated restructuring charges of approximately $25 million, or $0.13 per share, in the second quarter of 2020 associated with the curtailment.

Shares of Alcoa Corp. were up 7% after hours.