Alcoa Posted Record High Net Income in Q3 This Year

SEATTLE (Scrap Monster): Pittsburgh-headquartered Alcoa Corporation reported highest ever quarterly net income and earnings per share (EPS) during the third quarter of the current year, mainly triggered by strong aluminum pricing.

The quarterly revenue of the company totalled $3.109 billion, registering a sequential jump by 10% from $2.833 billion in 2Q21. It must be noted that the revenue had totalled only $2.365 billion in the corresponding quarter a year before. The company set a new record for quarterly net income of $337 million and earnings per share of $1.76. The adjusted net income, at $391 million, recorded 39% sequential jump. Also, the adjusted EBITDA without special items witnessed 18% surge over the sequential quarter to total $728 million during the quarter.

Alcoa strengthened its balance sheet during Q3 this year. As of end-September 2021, the company reported total debt of $1.8 billion and net debt of $350 million. The cash balance at the end of the quarter stood at $1.45 billion. The company generated cash from operations of $435.

Commenting on the results, Roy Harvey, President and CEO, Alcoa Corporation said that the strategic work being implemented across its operations have helped to capture the benefits from strong market fundamentals, thereby helping it to deliver another quarter with record profitability.

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