Alcoa Reports Reduced Quarterly Net Loss and Production Figures for 2023

Alcoa, a major U.S. aluminum producer, disclosed its financial results for the fourth quarter, revealing a significant reduction in net loss and changes in production levels.

- Quarterly Net Loss: Alcoa's net loss for Q4 decreased by 2.6 times to $150 million, or $0.84 per share, compared to $395 million, or $2.24 per share, in the same period last year.

- Adjusted Earnings: Excluding one-time factors, the loss was $0.56 per share, smaller than analysts' expectations of a $0.85 per share loss.

- Revenue: Fell by 2.5% year-over-year to $2.595 billion, in line with the consensus forecast of $2.59 billion.

- Stock Price: Declined by 2.7% in additional trading following the report's release.

Production Data:

- Alumina Production: Decreased by 1% quarter-over-quarter to 2.79 million tons in Q4.

- Aluminum Production: Increased by 2% to 541 thousand tons in Q4.

- Annual Production: Alumina production dropped by 13% to 10.908 million tons in 2023, while aluminum output rose by 5.2% to 2.114 million tons.

2024 Outlook:

- Alcoa projects alumina production in the range of 9.8 to 10 million tons and aluminum production between 2.2 and 2.3 million tons for 2024.

Market Performance:

- Over the past three months, Alcoa's market value increased by 2.5% to $5 billion, while the S&P 500 index grew almost 10%.