Alcoa’s Q1 2024 revenue stands at par to the earlier quarter, supported by alumina division

From the alumina business, Alcoa’s revenue rose 6 per cent due to higher average price and increased shipment but revenue from aluminium division dropped by 3 per cent due to lower average price.

Net loss attributable to Alcoa Corporation was $252 million or $1.41 per share, higher than $150 million or $0.84 per share in Q4 2023, owing to average third-party prices of aluminium and higher production costs, partially offset by lower energy and input costs. The net loss in Q1 2024 also included a charge of $197 million related to the curtailment of the Kwinana refinery.

Alcoa’s Adjusted EBITDA excluding special items was $132 million, reflecting a sequential increase of $43 million due to lower energy and raw material costs. The company entered the quarter with a cash balance of $1.4 billion, of which it used $223 million for operation.