Core Viewpoint - Japan is taking steps to reduce its reliance on China for critical mineral resources, particularly gallium, by establishing a joint venture in Australia with Sojitz Corporation and Alcoa, aiming for production to start in 2026 and reach over 55 tons annually by 2028, equivalent to Japan's current imports from China [1][3][6]. Group 1 - The joint venture will produce gallium, essential for semiconductor and LED manufacturing, starting in 2026 [3]. - The initiative reflects a shift in focus from low-cost procurement to stable supply chains [4]. - Japan's gallium supply in 2021 was 167 tons, with 97 tons imported, 57% of which came from China [6]. Group 2 - China's export restrictions have destabilized global supply chains, particularly affecting gallium procurement [5][6]. - The Japanese Ministry of Economy, Trade and Industry (METI) is collaborating with Japanese and American companies to expand the rare metal procurement network [1][6]. - The establishment of gallium production facilities in Australia is part of Japan's strategy to enhance economic security in resource sectors [1][6].

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Alcoa Corporation's unaudited consolidated financial statements reflect improved net income for Q2 and H1 2025, alongside robust cash flow and total assets Consolidated Statement of Operations Highlights (Q2 & H1 2025 vs 2024) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $3,018M | $2,906M | $6,387M | $5,505M | | **Net Income (Loss)** | $151M | $31M | $699M | $(276)M | | **Net Income (Loss) Attributable to Alcoa** | $164M | $20M | $712M | $(232)M | | **Diluted EPS** | $0.62 | $0.11 | $2.69 | $(1.29) | Consolidated Balance Sheet Highlights (as of June 30, 2025) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $5,399M | $4,914M | | **Total Assets** | $14,990M | $14,064M | | **Total Current Liabilities** | $3,272M | $3,395M | | **Total Liabilities** | $8,755M | $8,907M | | **Total Equity** | $6,135M | $5,157M | Consolidated Cash Flow Highlights (Six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | **Cash Provided from Operations** | $563M | $64M | | **Cash Used for Investing Activities** | $(240)M | $(281)M | | **Cash Provided from Financing Activities** | $10M | $679M | | **Net Change in Cash** | $368M | $446M | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Key accounting policies and significant events are detailed, including joint ventures, asset sales, debt restructuring, and tax credit benefits - On March 31, 2025, Alcoa formed a joint venture for its San Ciprián operations with IGNIS Equity Holdings, SL (IGNIS EQT), with Alcoa retaining a **75% ownership** and continuing as the managing operator[24](index=24&type=chunk) - On July 1, 2025, Alcoa completed the sale of its **25.1% interest** in the Saudi Arabia joint venture to Ma'aden for total consideration of **$1.35 billion**, expecting to recognize a gain of approximately **$780 million** in Q3 2025[30](index=30&type=chunk) - In March 2025, a subsidiary issued **$1 billion** in new senior notes due 2030 and 2032, using the proceeds to tender for and extinguish a significant portion of its existing 2027 and 2028 notes, resulting in a **$12 million** debt settlement expense[63](index=63&type=chunk)[68](index=68&type=chunk) - The company recorded benefits related to the Section 45X Advanced Manufacturing Tax Credit of **$17 million** in Q2 2025 and **$31 million** in H1 2025, related to its Massena West and Warrick smelters[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic actions, operational challenges like tariffs, and financial performance, highlighting sequential Q2 net income decrease but strong H1 year-over-year improvement and liquidity [Business Update](index=38&type=section&id=Business%20Update) Strategic progress includes the Saudi JV sale and Australian tax ruling, while managing Canadian aluminum tariffs and resuming the San Ciprián smelter restart - The U.S. government imposed tariffs on Canadian aluminum imports, which increased to **50%** on June 4, 2025. Alcoa is mitigating the impact by redirecting some of its Canadian production to customers outside the U.S.[133](index=133&type=chunk)[134](index=134&type=chunk) - The restart of the San Ciprián smelter resumed on July 14, 2025, after being paused due to a widespread power outage in Spain. The restart is expected to be completed by **mid-2026**[135](index=135&type=chunk) - On July 1, 2025, Alcoa completed the sale of its **25.1% interest** in the Saudi Arabia joint venture to Ma'aden for **$1.35 billion** in stock and cash, expecting a gain of approximately **$780 million** in Q3 2025[138](index=138&type=chunk) - A favorable ruling was received from the Administrative Review Tribunal of Australia, resolving a tax dispute with the ATO. This will result in a net cash impact of approximately **$147 million** through June 2026 from a tax refund and payment of related accrued taxes[139](index=139&type=chunk)[141](index=141&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q2 2025 net income decreased sequentially due to lower prices and tariffs, but H1 2025 showed significant year-over-year improvement driven by higher metal prices and lower restructuring Selected Financial Performance | Metric | Q2 2025 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $3,018M | $3,369M | $6,387M | $5,505M | | **Net Income (Loss) Attributable to Alcoa** | $164M | $548M | $712M | $(232)M | | **Diluted EPS** | $0.62 | $2.07 | $2.69 | $(1.29) | - The sequential decrease in net income was primarily driven by lower average realized prices for alumina and aluminum, and tariffs on U.S. imports of aluminum from Canada[150](index=150&type=chunk)[152](index=152&type=chunk) - The year-over-year increase in net income was primarily driven by higher aluminum and alumina prices, lower intersegment profit elimination, and significantly lower restructuring charges (**$19 million** in H1 2025 vs. **$220 million** in H1 2024)[150](index=150&type=chunk)[158](index=158&type=chunk) [Segment Information](index=46&type=section&id=Segment%20Information) Alumina segment's Adjusted EBITDA significantly declined due to lower API, while Aluminum segment's EBITDA decreased, impacted by tariffs and LME prices Segment Adjusted EBITDA | Segment | Q2 2025 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Alumina** | $139M | $664M | $803M | $325M | | **Aluminum** | $97M | $134M | $231M | $283M | | **Total Segment Adjusted EBITDA** | $236M | $798M | $1,034M | $608M | - The Alumina segment's performance was heavily impacted by a **38% sequential decrease** in the average API to **$377 per metric ton**[168](index=168&type=chunk)[179](index=179&type=chunk) - The Aluminum segment incurred approximately **$115 million** in tariff costs in Q2 2025 on imports from Canada, a sequential increase of **$95 million**[183](index=183&type=chunk) [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity with strong cash from operations, a recent debt restructuring, and an undrawn revolving credit facility - Cash provided from operations was **$563 million** in H1 2025, compared to **$64 million** in H1 2024, driven by a **$774 million** favorable change in net income (excluding restructuring)[208](index=208&type=chunk)[217](index=217&type=chunk) - In March 2025, the company issued **$1 billion** in new senior notes and used the proceeds to repurchase **$890 million** of existing notes, extending its debt maturity profile[215](index=215&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - The company has a **$1.25 billion** revolving credit facility maturing in June 2027, which was undrawn as of June 30, 2025[222](index=222&type=chunk)[223](index=223&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure remains materially unchanged since December 31, 2024, with details on derivative use for mitigation - Alcoa's exposure to market risk has not changed materially since December 31, 2024[236](index=236&type=chunk) [Item 4. Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2025[237](index=237&type=chunk) - No material changes were made to the company's internal control over financial reporting during Q2 2025[238](index=238&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with management expecting no material adverse effect on its financial position - The company is involved in various legal proceedings arising from the normal course of business[239](index=239&type=chunk) - Management does not expect the disposition of pending matters to have a material adverse effect on the company's financial position[239](index=239&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - The company refers to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a full discussion of risk factors[242](index=242&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock repurchases occurred in Q2 2025, with **$500 million** remaining authorized under the July 2022 repurchase program - No shares of common stock were repurchased by the company during the second quarter of 2025[244](index=244&type=chunk) - As of the report date, **$500 million** remains authorized for repurchase under the July 2022 stock repurchase program[244](index=244&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during Q2 2025[245](index=245&type=chunk) [Item 6. Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including required certifications and Inline XBRL data files - Lists required certifications by the CEO and CFO (Sections 31.1, 31.2, 32.1, 32.2) and XBRL data files as exhibits[248](index=248&type=chunk)

Report Information - Report Date: July 30, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The "anti-involution" logic has cooled down, and aluminum industry chain varieties have entered a shock consolidation phase. Shanghai Aluminum 2509 has a narrow range, closing down 0.22% at 20,605. The total open interest of the index has decreased by 12,072 to 615,012 lots, and the 08-09 premium is reported at 40; the AD-AL negative spread is reported at -510. Alumina has stopped falling, rising 1.01% to 3,307 compared to the previous day [8]. - Bauxite supply remains loose, and the impact of the rainy season in Guinea and mine rights suspension is expected to gradually appear in August. The ore price has stopped falling and recovered. The alumina futures-spot arbitrage window remains open, and the demand for delivery products supports the spot price. However, the short-term anti-involution trading has temporarily cooled down, and alumina is adjusting at a high level [8]. - In the cast aluminum sector, it is currently the off-season for the automotive industry. Demand has weakened, and the supply of scrap aluminum is short. Under the double weakness of supply and demand, cast aluminum continues to fluctuate in a range following Shanghai Aluminum, and the AD-AL maintains a low negative spread structure [8]. - At the electrolytic aluminum end, the domestic operating capacity remains at a high level, and the demand side in the off-season continues to be sluggish. The operating rate in the aluminum processing sector remains light. The absolute high price suppresses terminal consumption, while the aluminum smelting profit is high. One can appropriately participate in shorting at high levels [8]. Summary by Directory 1. Market Review and Operation Suggestions - Shanghai Aluminum 2509 closed down 0.22% at 20,605, with the index total open interest decreasing by 12,072 to 615,012 lots, and the 08-09 premium at 40; the AD-AL negative spread was -510. Alumina rose 1.01% to 3,307 [8]. - Bauxite supply is loose, and the impact of the rainy season in Guinea and mine rights suspension will gradually appear in August. The alumina futures-spot arbitrage window is open, but short-term anti-involution trading has cooled down [8]. - In the cast aluminum sector, it is the off-season for the automotive industry, with weak demand and short scrap aluminum supply. Cast aluminum follows Shanghai Aluminum in a range, and the AD-AL maintains a low negative spread [8]. - Domestic electrolytic aluminum operating capacity is high, demand is sluggish in the off-season, and the operating rate in the aluminum processing sector is light. High prices suppress consumption, while smelting profit is high, and one can short at high levels [8]. 2. Industry News - Ghana has canceled a $1.2 billion bauxite agreement with Rocksure International and is seeking cooperation with a large overseas company. Ghana has about 900 million tons of bauxite, and the canceled agreement covered a mine with about 376 million tons of bauxite [9]. - In June 2025, China's primary aluminum imports were about 192,400 tons, a month-on-month decrease of 13.8% and a year-on-year increase of 58.7%. From January to June, the cumulative import volume was about 1.2499 million tons, a year-on-year increase of 2.5%. In June, exports were about 19,600 tons, a month-on-month decrease of 39.5% and a year-on-year increase of 179.4%. From January to June, the cumulative export volume was about 86,600 tons, a year-on-year increase of about 206.6%. In June, the net import was 172,700 tons, a month-on-month decrease of 9.4% and a year-on-year increase of 51.3%. From January to June, the cumulative net import was about 1.1633 million tons, a year-on-year decrease of 2.3% [10]. - Guinea has revoked the exploration and mining licenses of 45 mining companies, including six bauxite enterprises. These are long-idle mine rights, and the government aims to improve the transparency and standardization of mineral resource management [10]. - Alcoa expects its San Ciprián aluminum smelter in Spain to restart in mid-2026, with an expected loss of up to $110 million. The restart was postponed due to a nationwide power outage in April, and it has now resumed after consultations with the government [10].

虽然美国铝业有很多美国国内生产，但其也依赖于加拿大的业务来满足需求。该公司在魁北克拥有三家 冶炼和铸造厂，主要为美国客户提供服务。该公司是美国最大铝供应商之一，但由于美国对进口铝加征 关税，该公司现在正在重新安排货物路线。 7月21日（周一），美国铝业公司（Alcoa）首席执行官Bill Oplinger警告称，美国关税政策迫使该公司 旗下加拿大增长性项目暂停。 Bill Oplinger称，如果继续对进口铝加征关税，这家美国金属产商可能需要向加拿大政府寻求帮助。 他表示，该公司需要等到8月1日才能决定其是否会寻求加拿大政府的财政或其他方面的援助，以支持该 公司在魁北克的铝业务。 上周五，他在接受媒体采访的时候表示，"公司魁北克项目的盈利能力受到了严重影响。这种情况持续 的时间越长，对魁北克资产竞争力的损害就越大。加拿大政府也明白这一点。" 美国铝业遭遇的挑战表明，美国对进口铝加征关税旨在促进美国制造业的发展，但现在却损害了美国最 大的铝生产商，从可乐罐到汽车的所有产品都使用这种金属。 "我们正在尽一切可能将通常运往美国的（铝）供应运往全球其他地区。" 该公司称，如果关税保持不变，该公司可能会考虑游说加拿大联 ...

Company Overview - Boksburg Ventures Inc. will change its name to Bighorn Metals Corp. effective July 22, 2025, to better align with its evolving business strategy and focus [1] - The Company holds an option to acquire the Loljuh Property in British Columbia, covering 1,656.73 hectares, which is prospective for porphyry copper-gold mineralization [10] Management Changes - Mr. Konstantinos "Kosta" Tsoutsis has been appointed as the new CEO, succeeding Mr. Johannes (Theo) van der Linde [3] - Mr. Kevin Cornish will serve as Corporate Secretary, and Mr. Reno Calabrigo has been appointed as a Director [3] - Mr. Tsoutsis has over 20 years of experience in finance and capital markets, having raised over CDN$30 million for various enterprises [4] - Mr. Calabrigo has a strong background in resource development and corporate finance, having overseen significant projects and secured over USD $10 million in project financing [6][7] Stock Options - The Company has granted Mr. Tsoutsis and Mr. Calabrigo each 25,000 stock options, exercisable at $0.25 per common share, expiring four years from the date of issuance [8][9] Recent Developments - Geochemical work in 2019 identified areas of anomalous gold and copper in soil on the Loljuh Property, with rock sampling returning significant values [11] - Recent work on the property included geological prospecting, mapping, and sampling across various grids [12]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **aluminium and copper industries** in the context of recent US tariffs and trade flows, particularly in Europe and North America [1][2][3]. Aluminium Insights - **US primary aluminium imports** decreased by **15%** from 2024 levels in April and May, primarily affecting Canadian volumes due to tariffs impacting consumer demand [2][12]. - The **Midwest premium** for aluminium is currently around **68 cents/lb**, needing to rise to **70-75 cents/lb** to incentivize flows to the US [2][20]. - **US aluminium scrap imports** surged by **35%** from March to May compared to 2024, driven by high-quality scrap to support rolling mills [2][27]. - The **market share** of Canadian aluminium has dropped from **70%** in 2024 to **63%**, while the UAE's share increased from approximately **11%** to over **20%** [13][16]. - The **Midwest premium** is close to pricing in the **50% tariff**, indicating a potential increase in buying activity as US inventories are low [19][22]. Copper Insights - **US refined copper imports** have nearly tripled year-to-date from 2024 levels, primarily from seaborne sources, but have slowed recently due to impending tariffs [3][34]. - A **front-loading** of **400 kt** of refined copper has occurred, providing a buffer against the COMEX-LME spread, but semi-fabricated product imports have been slower [3][36]. - The **COMEX-LME spread** is expected to reach **40%** by Q4 2025 and **45%** by Q1 2026 as inventory buffers are reduced [4][71]. - **US copper scrap** continues to be priced for export, with the discount for no.2 scrap offsetting the COMEX premium, indicating limited domestic processing capacity [49][50]. Market Outlook - Limited further upside is anticipated for the **Midwest premium**, but there is potential for **LME aluminium prices** to rise as US buying improves and global scrap availability tightens [4][33]. - The **tariffs** on aluminium have made it less competitive compared to copper, prompting some US can producers to explore alternative materials [33]. - **Indonesia** and **Chile** are being discussed as potential sources for exemptions from tariffs, with Indonesia's refined copper production expected to grow significantly by 2026 [63][70]. Additional Considerations - The **US aluminium industry** would require an investment of approximately **$30 billion** and **6 GW** of energy to add **4 million tonnes** of smelting capacity domestically [31]. - The **implied grade** of US scrap exports has been declining, suggesting that higher-grade scrap is remaining in the US for domestic use [57][59]. - The **tariff exemptions** and their implications continue to create volatility in the market, particularly for aluminium and copper [71][72]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and outlook of the aluminium and copper industries.

Investment Rating - Industry rating: Recommended [3] Core Insights - The report indicates a significant decrease in net profit for the company, with a 70.1% quarter-on-quarter reduction to $164 million, despite a year-on-year increase of 720% [9] - The company faced increased tariff costs of approximately $115 million for aluminum imported from Canada, which impacted profitability [9] - The average realized price for third-party alumina decreased by 5.3% year-on-year and 34.3% quarter-on-quarter, reflecting market pressures [2] Production and Operational Performance - Bauxite production in Q2 2025 was 9.3 million tons, a decrease of 2.1% year-on-year and quarter-on-quarter [1] - Alumina production was 2.351 million tons, down 7.4% year-on-year and slightly down 0.1% quarter-on-quarter [1] - The total alumina shipment volume was 2.384 million tons, reflecting an 8.1% year-on-year decrease but a 2.9% quarter-on-quarter increase [2] Financial Performance - Total revenue from third-party business was $3.018 billion, a decrease of 10.4% quarter-on-quarter but an increase of 3.9% year-on-year [7] - Adjusted EBITDA for the alumina segment was $139 million, down 25.27% year-on-year and 79.07% quarter-on-quarter [5] - The adjusted operating cost per metric ton of produced alumina shipped was $323, reflecting a 3.2% year-on-year increase [2] Market Outlook - The company expects alumina production and shipment volumes for 2025 to remain stable, with estimates between 9.5 million to 9.7 million tons for production and 13.1 million to 13.3 million tons for shipments [18] - The forecast for aluminum production in 2025 is maintained at 2.3 million to 2.5 million tons, with a downward adjustment in shipment forecasts due to delays in the San Ciprián smelter restart [19]

Company Overview - Alcoa Corp. is a leading global producer of primary aluminum ingots and sheets, and it is one of the oldest companies in the industry [1] - The company operates as a vertically integrated entity, which enhances its operational efficiency and market positioning [1] Investment Focus - The analysis emphasizes a preference for value companies linked to commodity production, particularly those with sustained free cash flows, low leverage, and sustainable debt levels [1] - There is a focus on companies undergoing distress but with high recovery potential, especially in sectors like oil & gas, metals, and mining [1] - The analysis highlights the importance of companies in emerging markets that exhibit high margins and present good medium to long-term investment opportunities [1] Shareholder Value - The company is noted for maintaining a solid pro-shareholder attitude, which includes sustained buyback programs and dividend distributions over time [1]

Core Insights - Alcoa Corporation's recent financial performance reflects the changing dynamics of the aluminum industry amid fluctuating commodity prices and geopolitical uncertainties [1] Financial Performance - Alcoa reported total third-party revenue of $3.0 billion for the second quarter, representing a 10% sequential decrease [1] - The adjusted EBITDA for the second quarter of 2025 was $313 million, surpassing Bank of America's estimate of $278 million and Bloomberg's consensus of $292 million [3] - Full-year 2025 EBITDA is now projected at $1.87 billion, an increase from the previous estimate of $1.62 billion, with earnings per share expected to rise to $3.19 from $2.52 [7] Segment Performance - In the Alumina segment, third-party revenue decreased by 28% due to a decline in average realized prices, although this was partially offset by increased shipments [2] - The Aluminum segment's EBITDA outperformed expectations, likely due to lower energy costs and an improved product mix [3] Future Outlook - For the third quarter of 2025, Alcoa anticipates a $30 million sequential benefit, net of tariffs, and has raised third-quarter EBITDA estimates to $328 million from $205 million [6] - The company expects alumina prices to be supported by widespread curtailments in China, where over 80% of refineries are unprofitable, despite risks from new supply in Indonesia or India [5] Analyst Ratings - BofA analyst Lawson Winde reiterated an Underperform rating on Alcoa but raised the price forecast from $26 to $27 [2][4]

Market Overview - The stock market is currently experiencing noise that distracts investors from fundamental performance, particularly as the S&P 500 approaches all-time highs, making it difficult for portfolios to perform effectively [1] Economic Outlook - A potential bullish cycle is anticipated in the industrial and transportation sectors, which are cyclical and can guide the broader economy [2] Company Insights: 3M - 3M's stock has seen a significant increase of up to 22% over the past quarter, reaching a new 52-week high, with expectations for further upside due to anticipated lower interest rates [4][3] - The company's earnings per share (EPS) surprised analysts by reaching $1.88, exceeding the expected $1.77, indicating a potential end to a downtrend in EPS [5][6] - 3M's current P/E ratio stands at 19.9, significantly higher than the industrial sector average of 7.2, reflecting strong market confidence [7] Company Insights: Alcoa - Alcoa's stock is trading at $29.66, approximately 60% of its 52-week high, suggesting that the market has priced in risks associated with the metals industry [8] - Analysts, including Citigroup's Alexander Hacking, have upgraded Alcoa to a Buy with a price target of $42, indicating a potential upside of 47% from current levels [10] - Alcoa reported an EPS of $0.39, beating estimates, and revenue rose 3.9% year-over-year to $3.02 billion, with expectations for further EPS growth [11] Company Insights: United Airlines - United Airlines stock has increased by 33.4% over the past quarter, with a recent EPS of $3.87 beating estimates, indicating strong financial performance in the airline sector [12][14] - The consensus price target for United Airlines is $104.5, suggesting an additional upside of 18.1% [15] - Low oil prices are expected to positively impact margins, potentially leading to further EPS surprises in the upcoming quarter [16]