Alcoa Q2 adjusted EPS beats on higher aluminum prices and shipments
AA•Result drivers
- ALUMINUM PRICES AND SHIPMENTS - Higher aluminum prices and increased shipments, driven by capacity restarts, boosted revenue and Adjusted EBITDA
- SMELTER CAPACITY RESTARTS - Completion and progress on smelter restarts in Spain, Brazil, Norway, and Australia increased aluminum production
- ALUMINA PRODUCTION DISRUPTIONS - Lower alumina production due to instability and gas supply disruptions at Pinjarra refinery weighed on segment results
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Slight Beat* | $3.97 bln | $3.94 bln (8 Analysts) |
| Q2 Adjusted EPS | Beat | $2.12 | $2.06 (8 Analysts) |
| Q2 EPS | $1.53 | ||
| Q2 Adjusted Net Income | Slight Miss* | $562 mln | $566.23 mln (6 Analysts) |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"
- The average consensus recommendation for the aluminum peer group is "buy"
- Wall Street's median 12-month price target for Alcoa Corp is $72.00, about 48.2% above its July 15 closing price of $48.58
