Alcoa(AA)2025-01-22 21:15Revenue and Sales Performance - Revenue increased to $3.5 billion in Q4 2024, a 20% increase sequentially[5] - Full-year 2024 revenue increased 13% to $11.9 billion[5] - Sales for Q4 2024 increased to $3.486 billion, up 20% from $2.904 billion in Q3 2024 and 34% from $2.595 billion in Q4 2023[27] - Full-year 2024 sales reached $11.895 billion, a 13% increase from $10.551 billion in 2023[28] - Sales grew to $3,486 million in Q4 2024, compared to $2,595 million in Q4 2023[45] Net Income and Profitability - Net income increased 124% sequentially to $202 million in Q4 2024[5] - Net income attributable to Alcoa Corporation for Q4 2024 was $202 million, compared to $90 million in Q3 2024 and a loss of $150 million in Q4 2023[27] - Net income attributable to Alcoa Corporation for 2024 was $60 million, a significant improvement from a loss of $651 million in 2023[28] - Net income for 2024 improved to $24 million from a loss of $773 million in 2023[30] - Net income (loss) attributable to Alcoa Corporation for Q4 2024 was $202 million, compared to $90 million in Q3 2024 and a loss of $150 million in Q4 2023[34] - Diluted EPS for Q4 2024 was $0.76, compared to $0.38 in Q3 2024 and a loss of $0.84 in Q4 2023[34] Adjusted EBITDA and Segment Performance - Adjusted EBITDA excluding special items increased 49% sequentially to $677 million in Q4 2024[5] - Adjusted EBITDA excluding special items for FY2024 increased to $1.6 billion[5] - Segment Adjusted EBITDA for 2024 was $2,065 million, compared to $734 million in 2023[31] - Adjusted EBITDA for Q4 2024 was $675 million, compared to $429 million in Q3 2024 and $92 million in Q4 2023[38] - Adjusted EBITDA for the full year 2024 was $1.519 billion, compared to $473 million in 2023[38] Cash Flow and Financial Position - The company ended 2024 with a cash balance of $1.1 billion[11] - Cash and cash equivalents increased to $1.138 billion at the end of 2024, up from $944 million at the end of 2023[29] - Cash from operations increased significantly to $622 million in 2024, up from $91 million in 2023[30] - Free cash flow for Q4 2024 was $246 million, compared to a negative $3 million in Q3 2024 and $10 million in Q4 2023[40] - Cash and cash equivalents as of December 31, 2024, were $1.138 billion, compared to $944 million as of December 31, 2023[41] - Cash and Cash Equivalents rose to $1,138 million in December 2024 from $803 million in December 2023[43] Debt and Liabilities - Long-term debt increased to $2.470 billion in 2024, up from $1.732 billion in 2023[29] - Net debt as of December 31, 2024, was $1.457 billion, compared to $923 million as of December 31, 2023[41] - Total debt as of December 31, 2024, was $2.595 billion, compared to $1.867 billion as of December 31, 2023[41] - Adjusted Net Debt increased to $2,054 million as of December 31, 2024, compared to $1,673 million in the previous year[43] - Net Debt (Net Cash) rose to $1,457 million in December 2024 from $1,033 million in December 2023[43] - Total Debt increased to $2,595 million in December 2024 from $1,836 million in December 2023[43] - Net Pension/OPEB Liability decreased to $597 million in December 2024 from $640 million in December 2023[43] Production and Shipments - Alcoa expects 2025 Alumina segment production to range between 9.5 to 9.7 million metric tons[13] - Aluminum segment production is expected to range between 2.3 and 2.5 million metric tons in 2025[14] - Alumina production decreased to 10,034 kmt in 2024 from 10,908 kmt in 2023[31] - Third-party alumina shipments dropped to 9,005 kmt in 2024 from 8,698 kmt in 2023[31] - Aluminum production increased to 2,215 kmt in 2024 from 2,114 kmt in 2023[31] - Total aluminum shipments grew to 2,590 kmt in 2024 from 2,491 kmt in 2023[31] Pricing and Realized Prices - Average realized third-party price per metric ton of alumina rose to $472 in 2024 from $358 in 2023[31] - Average realized third-party price per metric ton of aluminum increased to $2,841 in 2024 from $2,828 in 2023[31] Expenses and Charges - Research and development expenses for 2024 totaled $57 million, up 46% from $39 million in 2023[28] - Restructuring and other charges for 2024 amounted to $341 million, an 85% increase from $184 million in 2023[28] - Restructuring and other charges for Q4 2024 were $91 million, compared to $30 million in Q3 2024 and a negative $11 million in Q4 2023[34] Capital Expenditures - Capital expenditures for 2024 were $580 million, up from $531 million in 2023[30] - Capital expenditures for Q4 2024 were $169 million, compared to $146 million in Q3 2024 and $188 million in Q4 2023[40] Working Capital and Receivables - Receivables from customers rose to $1.096 billion in 2024, a 67% increase from $656 million in 2023[29] - DWC Working Capital decreased to $1,289 million in Q4 2024 from $1,414 million in Q3 2024[45] - Days Working Capital improved to 34 days in Q4 2024, down from 45 days in Q3 2024[45] - Receivables from customers increased to $1,096 million in Q4 2024, up from $656 million in Q4 2023[45] - Inventories decreased to $1,998 million in Q4 2024 from $2,158 million in Q4 2023[45] Total Assets and Liabilities - Total assets decreased slightly to $14.065 billion in 2024 from $14.155 billion in 2023[29] Operational Tax Expense - Alcoa expects first quarter 2025 operational tax expense to approximate $120 million to $130 million[17] Profitability Improvements - Alcoa implemented $675 million of profitability improvements in 2024, exceeding its $645 million target[11]