Alcoa Posted Robust Results in First Quarter 2021

SEATTLE (Scrap Monster): Alcoa Corporation posted results for first quarter 2021. The company reported highest quarterly results since 2018, mainly driven by improved pricing and strong shipments.

Alcoa reported net income of $175 million, or $0.93 per share, in the first quarter 2021. This compares with net loss of $4 million, or $0.02 per share, in the fourth quarter 2020. The adjusted net income was $150 million, or $0.79 per share, almost three times the prior quarter’s adjusted net income of $49 million, or $0.26 per share. The adjusted EBITDA excluding special items surged higher from the sequential quarter by 44% to hit $521 million, said company press release.

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The third-party shipments in Alumina and Aluminum have increased by approximately 7% and 13% respectively over the sequential quarter.

The company ended the quarter with cash on hand of $2.5 billion. The cash provided from operations was $6 million, whereas free cash flows stood at negative $69 million.

Looking into the future, the company expects strong 2021, based on continued economic recovery and increased demand for aluminum in all end markets. It expects double digit growth on year-over-year sales of value-add products in Aluminum segment. Meantime, the shipment outlook for Bauxite and Aluminum in 2021 remains unchanged from the prior full-year estimates.