Alcoa reported a first-quarter loss Wednesday, with an 81c loss per share, compared to estimates of a 55c loss per share. The aluminum miner posted revenue of $2.5B compared to $2.6B in the same period last year, and an estimate of $2.56B.
“In the first quarter of 2024, we finalized the terms of our acquisition of Alumina Limited, which will bring strategic, operational, and financial flexibility,” said Alcoa President and CEO William F. Oplinger. “Raw material prices and markets are improving, and we are implementing near-term improvements to strengthen Alcoa for the future.”
Alcoa said in a release it expects 2024 total Aluminum segment production and shipments to remain unchanged from the prior projection, ranging between 2.2 and 2.3 million metric tons, and between 2.5 and 2.6 million metric tons, respectively.