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Aluminum July 09, 2020 10:30:49 PM

Alcoa's Cash Balance Surged to Hit $950 Million

Paul Ploumis
ScrapMonster Author
The adjusted EBITDA is expected to be between $155 million and $170 million, compared with the first quarter of 2020 Adjusted EBITDA of $289 million.
Alcoa's Cash Balance Surged to Hit $950 Million

SEATTLE (Scrap Monster): Pittsburgh-based Alcoa Corporation reported preliminary second quarter 2020 results. The company is scheduled to announce Q2 results on July 15th, 2020.

During the quarter ended 30th June, 2020, the company expects revenue to range between $2,100 million and $2,175 million, mainly on account of notable decline in demand for aluminum value-added products during the quarter as compared with Q1 this year. It anticipates net loss attributable to the company between $205 million and $190 million. This compares with the net income attributable of $80 million in the prior quarter.

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The adjusted EBITDA is expected to be between $155 million and $170 million, compared with the first quarter of 2020 Adjusted EBITDA of $289 million. The adjusted EBITDA excluding special items is expected to be between $175 million and $190 million. Alcoa expects adjusted diluted loss per share of up to $0.08 during the quarter. Meantime, the cash balance is expected to exceed $950 million.

Roy Harvey, President and Chief Executive Officer, Alcoa noted that the company realized gains in productivity, cost savings, in addition to increasing its cash balance. All of the company’s bauxite mines, alumina refineries, and aluminum manufacturing facilities remain in operation, he added.