Basic Materials

Citigroup analyst Alexander Hacking maintains Alcoa (NYSE:AA) with a Buy and lowers the price target from $42 to $32.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We decrease our 12-month target by $21 to $14, as we value AA at an EV/EBITDA of 5.1x our 2024 EBITDA estimate, which is in line with AA’s three-year average forward EV/EBITDA. We decrease our 2023 EPS estimate by $1.30 to a loss per share of $2.33 and shift 2024’s from an EPS of $2.91 to a loss per share of $0.57. AA posted a Q3 adjusted loss per share of $1.14 vs. a loss per share of $0.33, $0.07 better than consensus, with a top-line beat of 0.7%. The biggest factors leading to our bearish outlook are 1) consensus estimates that are too optimistic for 2024, in our view; 2) AA is currently hemorrhaging cash, with negative free cash flow of $76M during Q3 and negative

October 18, 2023– Alcoa Corporation (NYSE: AA) today reported third quarter 2023 results that include increased third-party shipments in the Company’s two segments and a sequential improvement in cash generated from operations despite lower sequential average realized prices for alumina and aluminum. Financial Results and Highlights M, except per share amounts 3Q23 2Q23 3Q22 —————————————— ——– ——– ——– Revenue $2,602 $2,684 $2,851 Net loss attributable to Alcoa Corporation $(168) $(102) $(746) Loss per share attributable to Alcoa Corporation $(0.94) $(0.57) $(4.17) —————————————— ——– ——– ——– Adjusted net loss $(202) $(62) $(60) Adjusted loss per share $(1.14) $(0.35) $(0.33) —————————————— ——– ——– ——– Adjusted EBITDA excluding special items $70 $137 $210 —————————————— ——– ——– ——– — Increased third-party shipments of alumina by 11 percent and aluminum by 1 percent sequentially — Generated $69 million in cash from operations, a sequential improvement of $82 million — Finished the third quarter with a

Alcoa (NYSE:AA) reported quarterly losses of $(1.14) per share which missed the analyst consensus estimate of $(1.13) by 0.88 percent. This is a 245.45 percent decrease over losses of $(0.33) per share from the same period last year. The company reported quarterly sales of $2.60 billion which beat the analyst consensus estimate of $2.59 billion by 0.42 percent. This is a 8.73 percent decrease over sales of $2.85 billion the same period last year.

ALCOA Posts Q3 Revenue $2.6B, Vs. Street Est of $2.58B。