Alcoa(US:AA) 智通财经网·2025-10-23 00:04Core Viewpoint - Alcoa Corporation reported a significant increase in net income for Q3 2025, driven by rising domestic aluminum prices, despite facing challenges from tariffs on Canadian aluminum imports [1][3]. Financial Performance - Q3 2025 revenue reached $2.995 billion, up from $2.904 billion year-over-year [2]. - Net income attributable to Alcoa Corporation was $232 million, compared to $90 million in the same period last year, marking a nearly 158% increase [1][2]. - Adjusted net loss was $6 million, down from a profit of $135 million in the previous year [1][2]. - Adjusted EBITDA was $270 million, a decrease from $455 million year-over-year [1][2]. Production and Operations - Alumina production increased by 4% quarter-over-quarter to 2.5 million tons, attributed to reduced maintenance at Australian refineries [2]. - Aluminum segment production rose by 1% to 579,000 tons, mainly due to the successful restart of the San Ciprián smelter in Spain [2]. - Total alumina shipments remained flat at 2.2 million tons, while aluminum shipments decreased by 3% due to trade volume adjustments [2]. Major Developments - The net income of $232 million included gains from the sale of Ma'aden joint venture interests, offset by restructuring costs [3]. - The company announced a long-term energy contract with the New York Power Authority and plans to invest approximately $60 million in the Massena smelter [3]. - Alcoa received support from the U.S. and Australian governments for the joint development of a gallium plant at the Wagerup refinery [3]. Market Context - U.S. aluminum prices have outpaced international markets, with Midwest premiums soaring 113% since early June, influenced by tariffs imposed by the Trump administration [3][4]. - The company anticipates an additional $50 million increase in tariff costs for Q4 2025, indicating ongoing trade impacts [3]. Future Outlook - Alcoa expects total alumina production to remain between 9.5 million and 9.7 million tons for 2025, with aluminum production projected at 2.3 million to 2.5 million tons [4]. - Q4 2025 adjusted EBITDA for the alumina segment is expected to improve by approximately $80 million, while the aluminum segment may face a $20 million adverse impact due to operational inefficiencies [4].