Alcoa Posted Net Loss of $197 Million in Q2 2020

SEATTLE (Scrap Monster): Alcoa Corporation reported second quarter 2020 results. The company recorded strong, stable operating performance and improved productivity during the quarter.

Alcoa reported net loss of $197 million, or $1.06 per share in Q2 this year. This compares with net income of $80 million, or $0.43 per share, in the first quarter of 2020. The adjusted net loss, excluding the impact of special items, totalled $4 million, or $0.02 per share, an improvement from adjusted net loss of $42 million, or $0.23 per share in the prior quarter. The quarterly revenues declined by 10% over the sequential quarter to $2.1 billion, mainly due to lower aluminum and alumina prices. The adjusted TDA excluding special items was $185 million.

ALSO READ:

Alcoa Ponders Layoffs at Spanish Aluminum Plant

Alcoa's Intalco Smelter Nears Curtailment

The company’s overall third-party aluminum shipment volume increased approximately 9%. Alcoa reported cash on hand of $965 million and debt of $1.8 billion.

Roy Harvey, President and Chief Executive Officer, Alcoa commended the global team’s resolve in facing challenges created by the pandemic. The company will continue to exercise all precautionary measures to keep people safe and locations fully operational. The production costs reduced, whereas the output increased during the quarter. The company maintained stable shipments and improved its balance sheet, he added.