Alcoa Corporation publishes its audited Q2 2024 report, announcing a 12% sequential growth in revenue

On July 17, Alcoa Corporation reported its consolidated results for the second quarter of 2024, ended June 30, following a preliminary report published in the previous week.

The company declared that its revenue in Q2 stood at $2.906 million, as was estimated in the preliminary report. On a quarter-on-quarter basis, the revenue grew 12 per cent from $2.599 million, and on an annual calculation, it grew by 8.27 per cent from $2.684 million.

The net income released in the final report also aligned with the preliminary results, amounting to $20 million. Adjusted net loss totalled $30 million, in line with the $15-35 million projection.

Adjusted EBITDA excluding special items totalled $325 million, up by 146 per cent Q-o-Q from $132 million and 137 per cent Y-o-Y from $137 million.

In response to this robust financial outcome during Q2, Alcoa President and CEO William F. Oplinger, said: “It was another fast-paced quarter at Alcoa as we approach the closing of the acquisition of Alumina Limited and continue to execute initiatives to further enhance our operations. Our continuous improvement focus remains high and, along with positive markets, led to stronger results for the second quarter.”

Coming to the operational result, Alcoa’s alumina production decreased by 5 per cent Q-o-Q to 2.53 million tonnes, primarily due to the full curtailment of the Kwinana refinery completed in June. On the other hand, aluminium production demonstrated the seventh consecutive quarter of increase, amounting to 543,000 tonnes in Q2 2024, attributed to the restart of one potline at Warrick operations in Q1 2024.

Along with the drop in alumina production, shipments also decreased by 5 per cent sequentially, while aluminium shipments grew 7 per cent.

Alcoa concluded Q2 2024 with a cash balance of $1.4 billion, and cash provided from operations was $287 million.