Alcoa (NYSE: AA) reported Q4 EPS of $1.04, $0.21 worse than the analyst estimate of $1.25. Revenue for the quarter came in at $3.2 billion versus the consensus estimate of $3.29 billion.

• $775 million of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) excluding special items, up 38 percent sequentially, on higher alumina pricing

Based on January 2018 market assumptions, Alcoa is projecting full-year 2018 adjusted EBITDA, excluding special items, to range between $2.6 billion and $2.8 billion.

“Solid market fundamentals allowed us to deliver our strongest adjusted EBITDA quarter since our launch as an independent, publicly-traded company,” said Roy Harvey, President and Chief Executive Officer. “With a series of operating and asset decisions, we also purposefully delivered against our strategic priorities. Our first full year has been truly remarkable. By continuously focusing on our strategic priorities, and supported by favorable markets, we’ve been able to accelerate our plan to strengthen Alcoa’s foundation for an even brighter tomorrow. As we enter 2018, we will continue to execute on our objectives and look forward to delivering more in the new year.”

Harvey also announced new actions: “In our continuous drive to strengthen the balance sheet, today we informed salaried employees in the United States and Canada of upcoming changes to their retirement benefits. The decisions were difficult and affect current employees who have been part of our Alcoa family the longest. But to reduce our liabilities, change is necessary; it will enable us to better prepare for an uncertain and cyclical environment as we position our Company for the future.”

(Updated)

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