AA - Alcoa Corporation
19.97 +0.81 (4.23%)
After hours: 7:57PM EDT
| Previous Close | 19.46 |
| Open | 19.25 |
| Bid | 19.50 x 1100 |
| Ask | 19.90 x 1200 |
| Day's Range | 19.16 - 19.96 |
| 52 Week Range | 16.46 - 40.68 |
| Volume | 6,444,179 |
| Avg. Volume | 3,706,033 |
| Market Cap | 3.555B |
| Beta (3Y Monthly) | 1.65 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -3.12 |
| Earnings Date | Jan 14, 2020 - Jan 20, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 25.17 |
- Investor's Business Daily
Dow Jones Futures: Netflix Leads Big Earnings Movers As Stock Market Rally Holds Strong
Stock futures: Netflix soared late on earnings despite missing on subscriber growth again. IBM, Alcoa and CSX were big earnings movers too.
- Bloomberg
Alcoa Plans Up to $1 Billion in Assets Sales as Demand Plunges
(Bloomberg) -- To weather a dimming global growth outlook, the largest U.S. aluminum producer plans to get leaner in the next 18 months, selling non-core assets after its worst streak of quarterly losses in at least three years.Alcoa Corp. predicts world demand may contract by as much 0.6%, reversing a July outlook for growth of at least 1.25%. The forecast came a day after the International Monetary Fund cut to its 2019 global growth forecast this week, citing a broad deceleration across the largest economies.Over the next 12 to 18 months, Alcoa intends to pursue non-core asset sales expected to generate an estimated $500 million to $1 billion in net proceeds. Despite the planned cutbacks, Chief Executive Officer Roy Harvey expressed optimism that the downturn in the market won’t last.“When we think about 2020, we see demand springing back,” Harvey said in a telephone interview. “This isn’t a problem with the consumption of aluminum, this is a hiccup with what’s happening in the global economy.”Alcoa shares climbed 5.4% in after-market trading at 5:25 p.m. in New York. The stock had lost 28% this year.Metal producers have been caught in the crossfire as a trade war between the U.S. and China hurt global growth, curbing demand for industrial raw materials. The average price for alumina, a key aluminum ingredient and one sold by Alcoa, dropped 44% in the third quarter from the same period a year earlier, according to S&P Global Platts.The company also plans to realign its operating portfolio, and has placed under review 1.5 million metric tons of smelting capacity and 4 million metric tons of alumina refining capacity over the next five years. The review will consider opportunities for significant improvement, potential curtailments, closures or divestitures.“It’s also simply a way that we can make sure we have the right cash to help weather through the different parts of the market cycle,” Harvey said after the earnings results were released. “That is for us an important component of making sure we have the cash to be able to move through our restructuring process.”Alcoa said it’s implementing changes to make it leaner. The restructuring costs will be paid in cash in the fourth quarter 2019 with the remainder in the first quarter 2020, the company said. The new operating model is expected to generate annual savings of about $60 million in operating costs beginning in the second quarter of 2020.The company reported a third-quarter loss of 44 cents a share, worse than analysts expected. Industrial metals have fallen as the U.S.-China trade war weighs on global manufacturing and economic growth.Goldman Sachs Group Inc. lowered its price forecasts on aluminum earlier this month, citing strong supply growth outside of China and the negative impact of economic uncertainty on capital spending. Harvey said the downturn may not last.“When we think about 2020, we see demand springing back,” Harvey said. “This isn’t a problem with the consumption of aluminum, this is a hiccup with what’s happening in the global economy that we believe will come roaring back once this uncertainty is behind us.”To contact the reporter on this story: Joe Deaux in New York at jdeaux@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- MarketWatch
Alcoa rings an alarm for global manufacturing
Alcoa Corp. stock rallied Wednesday after the industrial giant took action to shore up profits, but the quarterly update also predicted lower aluminum demand thanks ‘weakening macroeconomic conditions, trade tensions between the U.S. and China, and contracting manufacturing activity, especially in the global automotive sector.”
- Zacks
Alcoa (AA) Reports Q3 Loss, Tops Revenue Estimates
Alcoa (AA) delivered earnings and revenue surprises of -25.71% and 0.89%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
- MarketWatch
Alcoa posts another quarterly loss, announces capacity 'review', asset sales
Alcoa Corp. late Wednesday posted a wider-than-expected adjusted quarterly loss and announced a "review" of its smelting and refining capacity as well as asset sales to boost profits and lower costs. Alcoa said it lost $221 million, or $1.19 a share, in the third quarter, compared with a loss of $6 million, or 3 cents a share, in the year-ago quarter. Adjusted for one-time items, Alcoa posted a loss of $82 million, or 44 cents a share, versus earnings of $154 million, or 82 cents a share, a year ago. Revenue fell to $2.6 billion from $3.4 billion in the third quarter of 2018. Analysts polled by FactSet had expected an adjusted loss of 42 cents a share on sales of $2.6 billion. Alcoa said its "multiyear portfolio review" aims to refine its "strategic priorities" with an eye toward driving costs lower and achieving "sustainable profitability." Most of the restructuring costs will be paid in the fourth quarter, with the remainder in the first quarter, and its new operating model is expected to result in about $60 million in annual savings starting in the second quarter. The asset sales are expected to generate $500 million to $1 billion in net proceeds, Alcoa said. The company kept its prediction of a deficit in the global aluminum market, and estimated lower global demand for aluminum for the year, versus a previous estimate of demand growth. "The change is driven by weakening macroeconomic conditions, trade tensions between the U.S. and China, and contracting manufacturing activity, especially in the global automotive sector," Alcoa said. For the alumina market, Alcoa projected a global surplus for 2019 that was slightly higher than the previous quarter's predictions. Shares of Alcoa rose 4% in the extended session after ending the regular trading day down 1.5%.
- Business Wire
Alcoa Corporation Reports Third Quarter 2019 Results
To drive lower costs and sustainable profitability, Company announces review of smelting, refining capacity and potential asset sales
- ACCESSWIRE
Alcoa Corp. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / October 16, 2019 / Alcoa Corp. (NYSE: AA ) will be discussing their earnings results in their 2019 Third Quarter Earnings to be held on October 16, 2019 at 5:00 PM Eastern Time. ...
- TheStreet.com
[video]Alcoa Shares Higher as Aluminum Producer Plans Extensive Portfolio Review
The Pittsburgh company posted a wider third-quarter loss. But it's planning moves to sell non-core assets and realign its operating portfolio.
- Schaeffer's Investment Research
Alcoa Stock Flashes Technical Trouble Ahead of Earnings
The options pits have been red-hot ahead of tonight's quarterly report
- Market Realist
Alcoa’s Q3 Results: What to Expect Tomorrow
Alcoa's Q3 results are set to be released tomorrow after markets close. Aluminum prices have been weak this year, and the stock is down almost 28%.
- Reuters
UPDATE 1-At least two dead in Guinea protests against change to constitution
At least one policeman and a protester were killed on Monday during demonstrations in Guinea against a possible change to the constitution that could let President Alpha Conde seek a third term, officials and residents said. Police opened fire on demonstrators as they ransacked military posts and blocked roads with burning tyres in the capital Conakry and protests in the northern opposition stronghold of Mamou also turned violent, witnesses said. Conde's second and final five-year term expires in 2020 but the 81-year-old leader has refused to rule out running again.
- Zacks
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.
- Zacks
Simple Market Timing Strategies That Work - October 08, 2019
In the long-run, does consistent market timing really matter to be a successful investor?
- MarketWatch
Alcoa books $37 million restructuring charge for Q3
Alcoa Corp. said late Monday it has recorded a $37 million restructuring charge, or an adjusted 14 cents a share. Most of the costs will be paid in cash in the fourth quarter, with the remainder paid in the first quarter of 2020, the company said. The charge is related to expenses with previously announced layoffs and severances. Alcoa said it expects to save about $60 million a year with its restructuring, starting around the second quarter of 2020 "after implementation of the new operating model and the restructuring is substantially complete," it said. Shares of Alcoa rose 2.4% in the extended session Monday after ending the regular trading day down 1%.
- Market Realist
Alcoa and Arconic Sue Berkshire-Owned Railroad
Alcoa, Arconic, and NOVA Chemicals have filed a lawsuit against several US railroad companies. One defendant is BNSF Railway, owned by Berkshire Hathaway.
- American City Business Journals
Pittsburgh companies sue railroad giants for price fixing
The companies, which rely on rail freight services to transport their products, claim the four largest Class I railroad companies in the U.S. "embarked on a conspiracy."
- Market Realist
‘Thriving’ US Steel Sector Could Face More Troubles in Q4
Trump has claimed that the US steel sector was “thriving” under his administration. However, steel stocks have looked weak.
- Business Wire
Alcoa’s Baie-Comeau Smelter in Québec Receives Certification From Aluminium Stewardship Initiative
Alcoa Corporation, a global leader in bauxite, alumina and aluminum, today announced that the Aluminium Stewardship Initiative has certified the Company’s Baie-Comeau aluminum smelter in Québec, Canada.
- Reuters
UPDATE 1-Japan Q4 aluminium premiums fall amid ample supplies and soft demand
Premiums for aluminium shipments to Japan for October to December were set at $97 per tonne, down 10% from the previous quarter amid ample supplies in Asia and softening demand from the electronics and auto industries, three sources directly involved in the pricing talks said. Japan is Asia's biggest importer of the light metal and the premiums for primary metal shipments it agrees to pay each quarter over the benchmark London Metal Exchange (LME) cash price set the benchmark for the region.
- Reuters
Japan Q4 aluminium premiums set at $97/T, down 10% Q/Q
Premiums for aluminium shipments to Japan for October to December were set at $97 per tonne, down 10% from the previous quarter, amid ample supplies in Asia and softening demand from the electronics and auto industries, three sources directly involved in the pricing talks said. The figure is lower than the $108 per tonne paid in the July-September quarter and marks a first quarterly drop in three. Japan is Asia's biggest importer of the light metal and the premiums for primary metal shipments it agrees to pay each quarter over the benchmark London Metal Exchange (LME) cash price set the benchmark for the region.
- Business Wire
Alcoa Schedules Third Quarter 2019 Earnings Release and Conference Call
Alcoa Corporation plans to announce its third quarter 2019 financial results on Wednesday, October 16, 2019 after the close of trading on the New York Stock Exchange.
- Reuters
Norway's public backlash against onshore wind threatens sector growth
Oil-rich Norway has seen a boom in onshore wind power fuelled by foreign investment, but future growth is at risk after a public backlash sparked a moratorium on new projects and prompted wider calls for a regulatory overhaul. Industry regulator the NVE called a halt to new wind power project approvals in April after a raft of protests to give the government time to work on a framework for new developments. Public consultations on the plan, which has defined the 13 areas most suitable for onshore wind, are expected to last until Oct. 1, though it is unclear when it could be approved.
- MarketWatch
Alcoa's stock falls after Goldman downgrades, cuts price target
Shares of Alcoa Corp. fell 1.5% in morning trading Monday, after Goldman Sachs analyst Matthew Korn backed away from his bullish stance on the aluminum company, citing expectations of lower prices in the near term, and fewer catalysts down the road. Korn cut his rating to neutral from buy, and lowered his stock price target to $25 from $30. A ramp-up at a large Brazil-based alumina refinery and weaker demand from China have kept prices lower than previously forecast, Korn said. "The big picture is unchanged and fundamentally challenged: A slowing China, growing U.S. steel capacity and fears of global recession continue to be front of mind for investors and colar nearly every conversation we have on the stocks," Korn wrote. He said potential for meaningful resolution of the U.S.-China trade war seems "thin" and he senses "tempered expectations" for China's stimulus measures. Separately, Korn downgraded Schnitzer Steel Industries Inc. to sell from neutral and Commercial Metals Co. to neutral from buy. Alcoa's stock has shed 19.6% year to date, while the S&P 500 has gained 19.4%.
- Moody's
Alcoa Nederland Holding B.V. -- Moody's announces completion of a periodic review of ratings of Alcoa Nederland Holding B.V.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Alcoa Nederland Holding B.V. New York, September 23, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Alcoa Nederland Holding B.V. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
- Business Wire
United Steelworkers at Five Alcoa U.S. Locations Ratify New Labor Agreement
Alcoa Corporation (AA), a global leader in bauxite, alumina and aluminum products, today announced that members of the United Steelworkers (USW) have ratified a new labor agreement, covering approximately 1,700 active employees at five U.S. locations. The Company and the union leadership tentatively agreed on August 30 to the terms of the four-year contract, subject to ratification by the union’s members. The USW announced the outcome of that vote on Thursday, Sept. 19.
