The company recorded quarterly net loss of $746 million and loss per share of $4.17.
SEATTLE (Scrap Monster): Alcoa Corporation reported third quarter 2022 financial results. The company posted surprise quarterly net loss, as higher costs and falling metal prices weighed on the results.
The company recorded quarterly net loss of $746 million and loss per share of $4.17. This includes $652 million of restructuring charges related primarily to pension actions. The revenue totalled $2.85 million during the quarter. Alcoa generated $134 million in cash from operations and finished Q3 with a cash balance of $1.4 billion, the company press release noted.
The total aluminum shipment volumes recorded sequential decline by 8%, due to curtailment of potline operations at Warrick smelter and reduced trading opportunities in European region. The company’s aluminum production totalled 497,000 metric tons, more or less flat over the prior quarter output. The reduced output at the San Ciprian refinery resulted in 4% decline in alumina segment output at 3.1 million metric tons.
Roy Harvey, President and CEO, Alcoa Corporation said that the company has to pass through a challenging quarter, which saw significantly lower metal prices and high energy and raw material costs. Despite these, it delivered a strong balance sheet, he added.
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