Revenue of $3.7 billion misses Wall Street estimate as outlook holds
Alcoa reported a third-quarter profit of $483 million, or $1.81 a share, up from $232 million, or 88 cents a share, a year earlier, as the aluminum and alumina producer boosted production. Stripping out certain one-time items, earnings came to $1.82 a share, ahead of the $1.51 per-share consensus among analysts polled by FactSet.
Revenue rose 24% to $3.7 billion, but the figure trailed the $3.77 billion Wall Street estimate.
Aluminum shipments fell 5% sequentially, a step-down the company attributed to elevated second-quarter volumes tied to inventory repositioning. Alumina shipments rose 2% sequentially, supported by higher production.
Chief Executive William Oplinger said Alcoa improved refinery performance and increased production across its smelting portfolio during the quarter. He added that the company made progress advancing its planned acquisition of AliGroup, which is expected to close in the first half of 2027.
Alcoa held to its full-year outlook, continuing to expect aluminum production of 2.4 million to 2.6 million metric tons and aluminum shipments of 2.6 million to 2.8 million metric tons. The company likewise maintained its projections for alumina production of 9.5 million to 9.6 million metric tons and alumina shipments of 11.5 million to 11.6 million metric tons.
Shares ticked up 1.8% to $41.14 in after-hours trading after the results were released.