SEATTLE (Scrap Monster): Alcoa Corporation reported strong financial results in the second quarter of 2022.
The net income attributable to Alcoa Corporation improved significantly from $469 million or $2.49 per share in Q1 2022 to $549 million or $2.95 per share in Q2 this year. The adjusted net income soared from $281 million in 2Q21 to $496 million in 2Q22. Meantime, the adjusted EBITDA excluding special items recorded sequential decline by 15% to $913 million. Alcoa ended the second quarter with cash on hand of $1.6 billion.
The total third-party revenue reported a sequential increase by 11%, driven primarily by improved alumina and aluminum shipments. The Alumina segment revenue was up by 26%, whereas the Aluminum segment revenue increased by 6%. The third party shipments in Alumina recorded 7% sequential jump. The shipments of commodity grade aluminum were up by 9%, while those of value added products increased by 3%.
During the second quarter, the alumina and aluminum production totalled 3.23 million tonnes and 499,000 metric tons respectively, more or less in line with the production during the quarter prior to it.
Roy Harvey, President and CEO, Alcoa noted that the strong first half of 2022 enabled more buyback and quarterly dividend payments. The company has returned more than $380 million so far this year, he noted.