Alcoa Reports Strong Q3 Earnings with $455M Adjusted EBITDA, Shares Rise 5.16%

Oct 16, 2024, 08:25 PM

Alcoa Inc. reported its Q3 2024 earnings, showcasing a strong performance. The company achieved an adjusted EBITDA of $455 million, surpassing the estimate of $385.8 million. Alcoa's net income for the quarter was $90 million, with an EPS of $0.38. Despite missing the revenue estimate of $2.97 billion, Alcoa recorded $2.90 billion in revenue. Adjusted net income stood at $135 million, significantly higher than the estimate of $40.2 million. Adjusted EPS was reported at $0.57. Following the earnings announcement, Alcoa's shares rose by 5.16% in after-hours trading. Additionally, the company increased its alumina shipments projection for FY24 to 12.9M - 13.1M metric tons, up from the previous range of 12.7M - 12.9M metric tons.