AA - Alcoa Corporation
22.53 -0.62 (-2.68%)
After hours: 8:00PM EDT
| Previous Close | 23.32 |
| Open | 23.32 |
| Bid | 22.44 x 1400 |
| Ask | 22.52 x 900 |
| Day's Range | 22.82 - 23.37 |
| 52 Week Range | 20.82 - 48.75 |
| Volume | 3,168,529 |
| Avg. Volume | 3,430,183 |
| Market Cap | 4.295B |
| Beta (3Y Monthly) | 1.53 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -0.90 |
| Earnings Date | Oct 16, 2019 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 30.09 |
- Bloomberg•40 minutes ago
Alcoa Pares Aluminum-Demand Forecast as Trade-War Fallout Widens
(Bloomberg) -- Alcoa Corp. cut its forecast for global aluminum demand for the second time in three months, adding to concerns that trade frictions are eroding the outlook for the industrial metal.Aluminum supply will trail consumption by 1 million to 1.4 million metric tons, smaller than forecast in April, as trade tensions and macroeconomic headwinds slow demand in China and the rest of the world, Alcoa said Wednesday when it reported second-quarter earnings.Over the past year, Alcoa’s shares have fallen by about half amid demand concerns fueled by the U.S.-China trade war and declining prices for aluminum and alumina. Alumina is used to make aluminum and is a high-margin business for the company. The results also come after analysts’ pushed their 12-month share-price target to the lowest in more than two years.The company sees aluminum use this year growing 1.25% to 2.25%, compared with its previous estimate of 2% to 3%. But China’s stimulus may help strengthen demand for the metal, Alcoa Chief Executive Officer Roy Harvey said during the company’s earnings call Wednesday."If you continue to see some of that slowdown inside of their economy, you’re going to see more stimulus that moves from financial to physical and to infrastructure," he said. "That will then give you a number of impacts positive impacts, particularly in aluminum.”The company estimates the global inventory of the refined metal at 10.7 million tons, about half of which are considered "unreported stocks," Harvey said. About 2.5 million tons of the supply that’s not tracked by exchanges are in China, he said.The earnings statement was released after the close of regular trading in New York, where Alcoa fell 2.7% to $22.53 at 6:49 p.m. Wednesday.The Pittsburgh-based company reported a smaller adjusted loss for the second quarter than analysts had expected. It also posted adjusted earnings before interest, taxes, depreciation and amortization of $455 million, topping the $430.7 million average of analysts’ estimate compiled by Bloomberg. Lower pricing for alumina and aluminum was partially offset by higher energy sales and lower costs for raw materials, Alcoa said.To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks•4 hours ago
Alcoa (AA) Reports Q2 Loss, Lags Revenue Estimates
Alcoa (AA) delivered earnings and revenue surprises of 97.06% and -2.92%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
- MarketWatch•4 hours ago
China, trade wars dent Alcoa’s demand hopes
Alcoa Corp. expects lower demand growth worldwide for aluminium even amid dwindling inventories of the metal, thanks to a double whammy of trade tensions and macroeconomic headwinds, it said late Wednesday. Shares of Alcoa (AA) fell in the extended session after the aluminium and alumina producer posted a narrower-than-expected second quarter loss but raised the concerns about demand — and the implications for the global economy. Alcoa said it estimates global aluminum demand growth for 2019 between 1.25% and 2.25% this year, down from a previous estimate of growth between 2% and 3%.
- MarketWatch•5 hours ago
Alcoa posts narrower-than-expected Q2 loss
Alcoa Corp. shares fell more than 1% before turning modestly higher in the extended session Wednesday following a second-quarter loss for the aluminium and alumina producer. The company continued to predict an aluminium deficit and an alumina surplus for 2019. Alcoa said it lost $402 million, or $2.17 a share, in the quarter, versus earnings of $10 million, or 5 cents a share, in the year-ago period. Adjusted for one-time items, the company lost $2 million, or a penny a share, versus earnings of $1.17 a share a year ago. Revenue fell to $2.7 billion from $3.6 billion a year ago. Analysts polled by FactSet had expected an adjusted loss of 19 cents a share on sales of $2.7 billion. Alcoa said that global aluminum demand growth for 2019 is estimated to range between 1.25% and 2.25%, down from previous expectations of 2% to 3%, thanks to lower demand in both China and the world ex-China due to trade tensions and macroeconomic headwinds. Alcoa shares ended the regular trading day down 0.7%.
- Business Wire•5 hours ago
Alcoa Corporation Reports Second Quarter 2019 Results
Actions in Aluminum segment further strengthen Company
- Schaeffer's Investment Research•2 days ago
Call Options Pile Up Before Alcoa Earnings
Call open interest is very high ahead of AA's earnings release on Wednesday
- Market Realist•3 days ago
What to Expect From Alcoa’s Q2 Earnings This Week
On Wednesday, Alcoa is scheduled to release its second-quarter earnings after the markets close. So far, 2019 hasn't been a good year for Alcoa investors.
- GuruFocus.com•7 days ago
Steven Romick Discloses 2 Stock Buys
FPA Crescent Fund manager reports 2nd-quarter portfolio, sells Axalta and Alcoa Continue reading...
- Zacks•8 days ago
Analysts Estimate Alcoa (AA) to Report a Decline in Earnings: What to Look Out for
Alcoa (AA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- Business Wire•13 days ago
Alcoa Corporation Provides Update on Avilés and La Coruña Plants in Spain
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, today announced that it has signed a conditional share purchase agreement with private equity investment firm PARTER Capital Group AG, based in Schindellegi, Switzerland, to acquire the Alcoa Avilés and La Coruña aluminum plants in Spain. Alcoa has reached an agreement with the workers’ representatives relating to a transaction between the Company and PARTER Capital Group AG. Alcoa reached an agreement in January 2019 with the workers’ representatives at the two aluminum plants as part of the collective dismissal process announced in October 2018.
- TheStreet.com•13 days ago
Alcoa to Sell Spain Plants to Parter Capital, Take Charges
The Pittsburgh aluminum major and its workers' representatives reached an accord regarding the deal with a Swiss private-equity firm.
- Barrons.com•13 days ago
The ‘Dinos of the Dow’ Are Beating the Stock Market
We recently identified seven iconic U.S. companies that, at one point, fell on hard times. But these stocks have proved in 2019 that they are far from extinct, handily beating the Dow Jones Industrial Average.
- Bloomberg•15 days ago
Alcoa-Rio Plant Workers Give in, ‘Exhausted’ From Lock-Out
(Bloomberg) -- An 18-month labor dispute at an aluminum smelter in Quebec controlled by Alcoa Corp. ended after workers accepted a deal, defying the recommendation of their union’s leadership.On Tuesday, about 80% of workers at the Aluminerie de Bécancour Inc. voted to ratify the offer after a meeting of the United Steelworkers in Trois-Rivieres, Quebec, the union said. Alcoa said in a statement that the restart will begin on July 26, and is expected to be complete in the second quarter of 2020.The deal, which covers everything from pension financing to the use of subcontractors, follows months of failed attempts to revive negotiations after more than 1,000 union workers were locked out in January 2018. Last week, Alcoa threatened to idle the entire facility if workers don’t sign what it called a "final offer."The lengthy labor conflict signals the struggle of workers to push for their demands in a market that has seen aluminum prices tumble 15% in the past year. A strike at top copper producer Codelco’s Chuquicamata mine lasted only two weeks, with employees getting three of their four demands.“After 18 months, we’d gotten to a place where the fight was unequal," said Clement Masse, the head of the United Steelworkers union ABI chapter, who is stepping down after members didn’t follow his recommendation. “We could feel our members were getting exhausted, which can explain the vote’s outcome.”Alcoa shares fell 0.9% to $23.10 in pre-market trading in New York Wednesday, after rising 1.7% when the union vote was announced.In the second half of this year, Pittsburgh-based Alcoa expects to record special items associated with restart expenses of $40 million to $50 million after tax, or 22 cents to 27 cents a share.ABI, as the facility is known, curtailed production to about a sixth of its capacity of 413,000 metric tons a year during the period, Bloomberg Intelligence estimates. For context, Alcoa has forecast that its global aluminum shipments will hit a range of 2.8 million to 2.9 million metric tons this year.The resolution is a good development for Alcoa and to a lesser extent Rio Tinto Group, which owns 25% of the facility, because it will be adding more aluminum production, according to Andrew Cosgrove, an analyst for Bloomberg Intelligence. But it’s not great for a global aluminum market already “drowning in supply,” he said.Alcoa has said the package they offered would provide more funding to the pension, reduce subcontracting and allocate more paid hours for union business than the last offer, which was rejected in March. Contentious points also included workers’ career path and priority access to employees when coveted positions open up.“We are pleased that ABI has a new labor agreement that will get employees back on the job, working together to improve the smelter for the long term,” Alcoa said in an emailed statement. “We will soon discuss the next steps with ABI’s employees.”(Updates shares in sixth paragraph.)\--With assistance from Laura Millan Lombrana.To contact the reporters on this story: Sandrine Rastello in Montreal at srastello@bloomberg.net;Matt Townsend in New York at mtownsend9@bloomberg.netTo contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Luzi Ann Javier, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- American City Business Journals•15 days ago
Alcoa announces planned restart, new labor contract for Quebec smelter
Production at the Canadian smelter will ramp up this month after Alcoa and the United Steelworkers union reached a six-year contract.
- Reuters•16 days ago
Alcoa expects $40 million-$50 million hit from restarting Canada smelter
An 18-month lock out between the company and workers at the Aluminerie de Bécancour Inc smelter ended on Tuesday as about 80% of the workers voted to ratify the latest contract, according to the United Steelworkers union. Alcoa said it expects the smelter, which has an annual capacity of 413,000 metric tons per year, to restart on July 26.
- Reuters•16 days ago
Alcoa expects $40 mln-$50 mln hit from restarting Canada smelter
Aluminum producer Alcoa Corp said on Tuesday it expects to incur a charge of between $40 million and $50 million in the second half of 2019, related to restarting operations at its Canadian smelter in Becancour, Quebec. An 18-month lock out between the company and workers at the Aluminerie de Bécancour Inc smelter ended on Tuesday as about 80% of the workers voted to ratify the latest contract, according to the United Steelworkers union. Alcoa said it expects the smelter, which has an annual capacity of 413,000 metric tons per year, to restart on July 26.
- Business Wire•16 days ago
Alcoa Announces Planned Restart, New Labor Contract for Aluminerie de Bécancour Smelter in Québec, Canada
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, announced that the Aluminerie de Bécancour Inc. (ABI) smelter plans to restart curtailed smelting capacity after members of the United Steelworkers union in Québec, Canada today approved a six-year labor agreement. The smelter, owned by Alcoa (74.95%) and Rio Tinto Alcan Inc. (25.05%), has total annual capacity of 413,000 metric tons per year. Salaried employees had operated one of three potlines during the lockout, until Alcoa announced an additional curtailment of one half of that potline on December 19, 2018.
- Market Realist•17 days ago
Alcoa’s Mid-Year Review: Will the June Rally Continue?
Alcoa (AA) had a nice run in June with an upwards price action of 10.5%. The entire metals and mining sector rallied last month.
- Bloomberg•21 days ago
Alcoa Gets Tough With Union by Threatening to Idle Quebec Plant
(Bloomberg) -- After 18 months of often contentious labor talks with the United Steelworkers union at an aluminum smelter in Quebec, Alcoa Corp. has threatened to idle the entire facility if workers don’t sign what it’s calling a “final offer.”Aluminerie de Bécancour, a joint venture in which Alcoa controls a 75% stake and Rio Tinto Group owns the rest, made a proposal that expires on July 5. If it’s not signed, the already-curtailed production will be totally suspended, Pittsburgh-based Alcoa said Wednesday in a statement.Union workers were locked out of the facility in January 2018, and some operations continued to be run by managers. At full capacity, the plant known as ABI could produce 413,000 metric tons of aluminum a year, but that had been cut back to about a sixth of that, according to Bloomberg Intelligence. For context, Alcoa has forecast that its global aluminum shipments will hit a range of 2.8 million to 2.9 million metric tons this year.If a deal is reached, the company estimates the plant would be fully operational within 10 months.“We’ve reached a critical juncture in this process,” Jean-Francois Cyr, president of Alcoa Canada, said in an emailed ABI statement. “We want to resolve the conflict for the benefit of all parties and work together to restart our smelter and get everyone back to work.”ABI said its new proposal would provide more funding to the pension, reduce subcontracting and allocate more paid hours for union business than the last offer, which was rejected in March. It said in addition, “the offer allows everyone on lockout to return to work with annual wage increases that total 15.3% over the six-year contract.”A spokesman for the United Steelworkers didn’t immediately respond to a request for comment.\--With assistance from Joe Deaux.To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Business Wire•22 days ago
Alcoa Schedules Second Quarter 2019 Earnings Release and Conference Call
Alcoa Corporation plans to announce its second quarter 2019 financial results on Wednesday, July 17, 2019 after the close of trading on the New York Stock Exchange.
- Business Wire•22 days ago
Final Labor Contract Offer Submitted for Aluminerie de Bécancour Smelter in Québec, Canada
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, today announced that the management of the Aluminerie de Bécancour Inc. (ABI) smelter in Québec, Canada has presented a final offer to the United Steelworkers for a new labor contract. The smelter, which is owned by Alcoa (74.95%) and Rio Tinto Alcan Inc. (25.05%), has been operating at reduced capacity since January 11, 2018, after union members rejected a proposed labor contract for hourly employees.
- TheStreet.com•22 days ago
Alcoa Could Be Making a Bottom Pattern: How to Play the Stock
In the daily bar chart of AA, below, we can see that prices have been cut down from around $46 back in July to below $22 earlier this month. The On-Balance-Volume (OBV) line has done strange things the past twelve months. The OBV line was very steady when prices declined from July to late December.
- Business Wire•22 days ago
Alcoa Corporation and Ma’aden Amend Joint Venture
Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, today announced that it has amended its joint venture with the Saudi Arabian Mining Company (Ma’aden) in which Alcoa holds a minority, 25.1 percent stake.
- Reuters•27 days ago
UPDATE 1-Japan aluminium premiums climb to $108/T in Q3, up 3% -sources
Premiums for Japanese aluminium shipments for July to September were set at $108 per tonne, up 3% from the current quarter, as tighter supply in Asia outweighed fears over weakening demand, five sources directly involved in the pricing talks said. Japan is Asia's biggest importer of aluminium and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. Spot premiums in Asia have risen due to fewer shipments of semi-fabricated metal from China to other Asian countries due to stronger aluminium prices on the Shanghai Futures Exchange (ShFE), the source said.
- Reuters•27 days ago
Japan Q3 aluminium premiums set at $108/T, up 3% Q/Q -sources
