Alcoa Corporation Reports Third Quarter 2017 Results -

Alcoa Corporation Reports Third Quarter 2017 Results

Oct 18, 2017Jeremy ParkinsonFinance0

PITTSBURGH–(BUSINESS WIRE)–Alcoa Corporation (NYSE: AA):

3Q 2017 Results¹

Net income of $113 million, or $0.60 per share

Excluding special items, adjusted net income of $135 million, or $0.72 per share

$561 million of adjusted earnings before interest, tax, depreciation and amortization (EBITDA) excluding special items, up 16 percent sequentially, on improved aluminum pricing and higher aluminum and bauxite shipments

Revenue of $3.0 billion, up 4 percent sequentially, driven primarily by improved aluminum pricing, higher aluminum shipments and increased energy sales

$1.1 billion cash balance and $1.4 billion of debt, for net debt of $0.3 billion, as of September 30, 2017

Company raised its 2017 outlook for adjusted EBITDA excluding special items to approximately $2.4 billion²

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M, except per share amounts

3Q16

2Q17 3Q17 Revenue $2,329 $2,859 $2,964 Net (loss) income attributable to Alcoa Corporation $(10) $75 $113 Earnings per share attributable to Alcoa Corporation $(0.06) $0.40 $0.60 Adjusted net (loss) income $(95) $116 $135 Adjusted earnings (loss) per share $(0.52) $0.62 $0.72 Adjusted EBITDA excluding special items $284 $483 $561

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¹Alcoa Corporation became an independent, publicly-traded company on November 1, 2016. Prior to November 1, 2016, Alcoa Corporation’s financial statements were prepared on a carve-out basis, as the underlying operations of the Company were previously consolidated as part of Alcoa Corporation’s former parent company’s financial statements. Accordingly, the financial results of Alcoa Corporation for the first ten months of 2016 (including the first month of fourth quarter 2016) were prepared on such basis. The carve-out financial statements of Alcoa Corporation are not necessarily indicative of Alcoa Corporation’s consolidated results of operations, financial position, and cash flows had it been a standalone company during the referenced period. See the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2016 filed with the United States Securities and Exchange Commission on March 15, 2017 for additional information.