Alcoa has announced its financial expectations for the second quarter of 2024, projecting an adjusted EBITDA of $310-330 million and revenue between $2.85-2.925 billion. This is a significant increase from the $132 million EBITDA and $2.599 billion revenue reported in the first quarter of 2024.
The company anticipates an adjusted net profit of $15-35 million for the second quarter, translating to $0.08-0.19 per share, a stark contrast to the loss of $0.81 per share in the previous quarter. The boost in sequential revenue is attributed to higher realized average third-party prices for alumina and aluminum, despite lower alumina shipments. The rise in adjusted EBITDA is also driven by the higher prices, along with reduced production costs.
“We had strong preliminary results for the second quarter of 2024 reflecting market improvements,” said Alcoa CEO William F. Oplinger. He also mentioned that the acquisition of Alumina Ltd. is expected to be finalized around August 1, 2024.
However, Alcoa’s alumina production is expected to have decreased by about five percent sequentially in the second quarter due to the complete shutdown of the Kwinana refinery in June, with shipments anticipated to have dropped by seven percent.
Alcoa made this announcement ahead of an extraordinary general meeting scheduled for July 16 regarding the acquisition of Alumina Ltd. 
