Alcoa (AA) Tops Q1 EPS by 33c
- Wall Street drops on inflation jitters, led by tech stocks
- Tesla (TSLA) Sales in China 'Stagnated' in April, Wedbush Notes
- Roblox (RBLX) Gains as Sales Rise 140%, Analyst Raises PT on Strong Growth and Early China Launch
- Euro climbs on upbeat sentiment data; dollar struggles
- Tesla (TSLA) Halts Plans to Buy Land in Shanghai Amid Increased Tensions with China: Report
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Alcoa (NYSE: AA) reported Q1 EPS of $0.79, $0.33 better than the analyst estimate of $0.46. Revenue for the quarter came in at $2.87 billion versus the consensus estimate of $2.64 billion.
Alcoa is expecting a strong 2021 based on continued economic recovery and increased demand for aluminum in all end markets.
The Company’s Aluminum segment is forecasting double digit growth on year-over-year sales of value-add products. In the first quarter of 2021, shipments for value-add products, which includes specific shapes and alloys such as billet, slab, foundry and rod, increased 10 percent sequentially, posting three consecutive quarters of improvement.
The Company’s 2021 shipment outlook for Bauxite and Aluminum remains unchanged from the prior full-year estimates. Total alumina shipments are expected to increase 100 thousand metric tons to between 14.0 and 14.1 million metric tons. Total annual bauxite shipments are expected to range between 49.0 and 50.0 million dry metric tons. The Aluminum segment is expected to ship between 2.7 and 2.8 million metric tons.
In the second quarter of 2021, Alcoa expects another strong quarter despite the absence of the Warrick rolling mill results, current energy market conditions, and seasonal maintenance typically higher in the second quarter than other quarters.
Based on current alumina and aluminum market conditions, the Company expects second quarter tax expense to approximate $90 million, which may vary with market conditions and jurisdictional profitability.
The COVID-19 pandemic is ongoing, and its magnitude and duration continue to be unknown. The uncertainty around its future impact on the Company’s business, financial condition, operating results, and cash flows could cause actual results to differ from this outlook
For earnings history and earnings-related data on Alcoa (AA) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Playtika Holding (PLTK) Misses Q1 EPS by 6c, Revenues Beat; Raises FY21 Revenues Guidance Above Consensus
- Geron Corp (GERN) Misses Q1 EPS by 1c
- Mimecast Limited (MIME) Tops Q4 EPS by 5c, Revenues Beat; Offers 1Q & FY22 Revenues Guidance Above Consensus
Create E-mail Alert Related CategoriesEarnings, Guidance
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!