Alcoa (AA) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this bauxite, alumina and aluminum products company have returned +10.7% over the past month versus the Zacks S&P 500 composite's -2.5% change. The Zacks Metal Products - Distribution industry, to which Alcoa belongs, has gained 5.4% over this period. Now the key question is: Where could the stock be headed in ...

Alcoa Corp (NYSE:AA) stock is up 1.7% to trade at $35.86 this morning, after Morgan Stanley issued an upgrade to "equal weight" from "underweight," to go with a price-target hike to $36.50 from $28.50. The analyst in coverage praised  the aluminum producer's risk-reward backdrop, profitability, and potential upside stemming from the Inflation Reduction Act. Alcoa stock has spent most of April trading in a tight range, with its 20-day moving average containing any serious pullbacks. If the shares can ever ge ...

Steel stocks have been in focus this week as President Joe Biden has shifted focus to the industry. On April 17, the White House announced plans to enact further tariffs on Chinese-imported steel. In a move intended to safeguard domestic steel and shipbuilding interests from Chinese competitors, Biden is planning to triple the tariffs levied against steel and aluminum imported from China. He recently traveled to Pittsburgh and spoke at the United Steelworkers headquarters, laying out his plans for spurring ...

Key PointsAs China tariffs are proposed, the U.S. government is looking to onshore some steel and aluminum manufacturing stocks. Wall Street is well aware of a new manufacturing breakout in the economy. Three stocks stand out as top picks, with analysts and institutions behind them.5 stocks we like better than Industrial Select Sector SPDR FundA new business cycle is underway for the United States economy, and the manufacturing sector could be in play. This time, it isn't only Wall Street pushing the bets f ...

Core Insights - Alcoa reported $2.6 billion in revenue for Q1 2024, a year-over-year decline of 2.7% and an EPS of -$0.81 compared to -$0.23 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate by 3.14%, while the EPS fell short by 30.65% [1] Performance Metrics - Bauxite production was 10.1 million tons, slightly below the estimate of 10.25 million tons [2] - Alumina production reached 2,670 thousand tons, exceeding the estimate of 2,649.65 thousand tons [2] - Aluminum production was 542 thousand tons, slightly below the estimate of 545.05 thousand tons [2] - Third-party bauxite shipments were 1,000 million tons, significantly below the estimate of 1,971.06 million tons, representing a -52.9% change year-over-year [2] - Third-party sales of alumina were $897 million, surpassing the estimate of $880.33 million, reflecting a +24.4% year-over-year change [2] - Third-party sales of aluminum were $1.64 billion, below the estimate of $1.71 billion, indicating a -9.5% change year-over-year [2] - Total intersegment sales were -$406 million, significantly below the estimate of $378.24 million, representing a -195.8% year-over-year change [2] - Intersegment sales of aluminum were $4 million, slightly below the estimate of $4.50 million, with a +33.3% year-over-year change [2] - Total third-party sales were $2.60 billion, slightly below the estimate of $2.63 billion, reflecting a -2.7% year-over-year change [2] - Intersegment sales of alumina were $395 million, exceeding the estimate of $373.74 million, with a -6.2% year-over-year change [2] Stock Performance - Alcoa shares returned +21.6% over the past month, outperforming the Zacks S&P 500 composite, which declined by -1.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Revenue remained flat sequentially at $2.6 billion [15] - Net loss attributable to Alcoa changed from $102 million to $252 million, with loss per share changing from $0.84 to $1.41 [15] - Adjusted EBITDA increased by $43 million to $132 million, primarily due to improved energy costs [16] Business Line Data and Key Metrics Changes - Alumina segment third-party revenue increased by 6% due to higher average realized prices and higher shipments [15] - Aluminum segment third-party revenue decreased by 3% due to lower average realized prices [15] - Alumina segment EBITDA increased by $55 million sequentially, while aluminum segment EBITDA declined by $30 million [17] Market Data and Key Metrics Changes - Alumina prices recently reached a two-year high, driven by supply concerns from Chinese refineries and disruptions in Australia [24] - Demand for aluminum is improving, particularly in automotive and electrical sectors, with signs of recovery in packaging [25] - LME aluminum prices hit their highest level in a year following sanctions on Russian aluminum [26] Company Strategy and Development Direction - The proposed acquisition of Alumina Limited aims to enhance Alcoa's vertical integration and operational flexibility [9][10] - The company is focused on maintaining a strong balance sheet while pursuing growth opportunities through capital allocation [11] - Alcoa is committed to advancing its position as a global pure play upstream aluminum company [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the near-term markets and long-term outlook for both alumina and aluminum [24] - Supply concerns and environmental issues are expected to constrain future growth potential in alumina [24] - The company anticipates challenges in achieving profitability at certain facilities, particularly San Ciprián [30] Other Important Information - The company issued a $750 million green bond to support its cash position and fund decarbonization projects [19] - Working capital changes and capital expenditures were significant uses of cash in the first quarter [18] - The company expects to close the Alumina Limited transaction in the third quarter of 2024 [13] Q&A Session Summary Question: Market strength in aluminum versus alumina and AWAC acquisition synergies - Management indicated that aluminum demand is growing, while alumina is expected to be in deficit in 2024 due to curtailments [36][37] Question: Government support for new technologies - Management is exploring governmental support for R&D but noted that significant capital expenditures for breakthrough technologies will occur post-2030 [39] Question: Closure costs for Kwinana and San Ciprián - Kwinana's curtailment costs are estimated at $80 million for 2024, while a refinery closure in San Ciprián could cost around $200 million [41][44] Question: Working capital guidance - The company targets a working capital level of $1 billion by the end of 2024 [49] Question: Alumar restart challenges - Management acknowledged difficulties in the Alumar restart but remains committed to resolving issues [55] Question: Impact of Russian sanctions on the market - Management supports the sanctions and believes they will help reestablish credibility in global pricing mechanisms [83][84]

Alcoa (AA) came out with a quarterly loss of $0.81 per share versus the Zacks Consensus Estimate of a loss of $0.62. This compares to loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -30.65%. A quarter ago, it was expected that this bauxite, alumina and aluminum products company would post a loss of $0.99 per share when it actually produced a loss of $0.56, delivering a surprise of 43.43%.Over the last four quarte ...

1st Quarter Earnings Alcoa Corporation April 17, 2024 1 Cautionary Statement regarding Forward-Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aims," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal ...

Exhibit 99.1 Alcoa Corporation Reports First Quarter 2024 Results PITTSBURGH--(BUSINESS WIRE)--April 17, 2024--Alcoa Corporation (NYSE: AA) today reported results for the first quarter 2024, a period that included the announced acquisition of Alumina Limited and continued action on near-term improvements. Financial Results and Highlights | M, except per share amounts | 1Q24 | 4Q23 | 1Q23 | | --- | --- | --- | --- | | Revenue | $2,599 | $2,595 | $2,670 | | Net loss attributable to Alcoa Corporation | $(252) ...

Alcoa Corp (NYSE:AA) stock is in rally mode ahead of its first-quarter earnings report, which is due out after the market close on Wednesday, April 17. The security is up 5.1% at $36.98 at last check, after both the U.S. and Britain banned the Chicago Mercantile Exchange (CME) and London Metal Exchange (LME) from accepting new Russian aluminum and nickel.While the $38 region has capped price action this month, the 20-day moving average has been a solid source of support since early March, and could remerge ...