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Alcoa
🇺🇸 NYSE:AA
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Dec 31, 2024

Alcoa Q4 2024 Earnings Report

Alcoa's Q4 2024 financial performance demonstrated significant improvements due to continued strength in alumina and aluminum pricing and considerable advances in operational stability.

Key Takeaways

Alcoa reported a strong fourth quarter in 2024, with revenue increasing by 20% sequentially to $3.5 billion and net income increasing by 124% sequentially to $202 million, or $0.76 per common share. Adjusted net income increased 104% sequentially to $276 million, or $1.04 per common share. Adjusted EBITDA excluding special items increased 49% sequentially to $677 million.

Revenue increased to $3.5 billion, a 20 percent increase sequentially.

Net income increased 124 percent sequentially to $202 million, or $0.76 per common share.

Adjusted net income increased 104 percent sequentially to $276 million, or $1.04 per common share.

Adjusted EBITDA excluding special items increased 49 percent sequentially to $677 million.

Total Revenue
$3.49B
Previous year: $2.6B
+34.3%
EPS
$1.04
Previous year: -$0.56
-285.7%
Bauxite Production
9.3M
Previous year: 10.4M
-10.6%
Alumina Production
2.39M
Previous year: 2.79M
-14.3%
Aluminum Production
571K
Previous year: 541K
+5.5%
Gross Profit
$772M
Previous year: $170M
+354.1%
Cash and Equivalents
$1.14B
Previous year: $944M
+20.6%
Free Cash Flow
$246M
Previous year: $10M
+2360.0%
Total Assets
$14.1B
Previous year: $14.2B
-0.7%

Alcoa

Alcoa

Alcoa Revenue by Segment

Forward Guidance

Alcoa expects 2025 total Alumina segment production to range between 9.5 to 9.7 million metric tons. Alcoa expects 2025 total Aluminum segment production to range between 2.3 and 2.5 million metric tons.

Positive Outlook

  • Absence of a charge to write down certain inventories to their net realizable value will have a sequential favorable impact of $30 million on Alumina Segment Adjusted EBITDA within the first quarter 2025.
  • Aluminum segment production is expected to increase from 2024 due to smelter restarts.
  • Alumina shipments are expected to be consistent with 2024, between 13.1 and 13.3 million metric tons.
  • In 2025, aluminum shipments are expected to range between 2.6 and 2.8 million metric tons.
  • 2025 total Aluminum segment production to range between 2.3 and 2.5 million metric tons.

Challenges Ahead

  • Alumina segment production is expected to decrease from 2024 due to the curtailment of the Kwinana refinery, with 2025 production ranging between 9.5 to 9.7 million metric tons.
  • Lower seasonal pricing at Brazil hydro-electric facilities will have a sequential unfavorable impact of $60 million on Aluminum Segment in Q1 2025.
  • Non-recurrence of the fourth quarter 2024 benefit from the IRA 45X credit will have a sequential unfavorable impact of $60 million on Aluminum Segment in Q1 2025.
  • Absence of Ma’aden offtake volumes due to the announced transaction will have a sequential unfavorable impact of $60 million on Aluminum Segment in Q1 2025.
  • Contributions to ELYSISTM in the first quarter of 2025 are expected to increase by $25 million which triggers loss recognition.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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