Investing.com -- Alcoa Corp (NYSE: AA) reported third quarter adjusted earnings per share of $1.82, beating analyst estimates of $1.54, though revenue of $3.7 billion fell short of the $3.78 billion consensus. Revenue rose 24% YoY from $3.0 billion in the third quarter of 2025. Shares rose 2.5% in after hours trading following the results.

The company generated adjusted net income of $485 million for the quarter, compared to a loss of $6 million in the same period last year. Adjusted EBITDA excluding special items reached $789 million, up from $270 million YoY.

"During the third quarter, we advanced the AliGroup acquisition, delivered improved refinery performance, and increased production across our smelting portfolio," said Alcoa President and CEO William F. Oplinger.

Alcoa generated $643 million in cash from operations and free cash flow of $472 million. The company ended the quarter with a cash balance of $4.4 billion, including $2.6 billion of financing obtained for the acquisition of South32 Limited’s interests in its bauxite, alumina, and aluminum assets.

Alumina production increased 11% sequentially to 2.5 million metric tons, primarily due to improved stability at the Pinjarra, Australia refinery. Aluminum production rose 2% sequentially to 649,000 metric tons, driven by capacity restarts and the completion of the Alumar, Brazil smelter restart.

For the fourth quarter 2026, Alcoa expects to maintain strong operational performance with higher production and shipments in both segments. The company anticipates Alumina segment adjusted EBITDA to remain consistent sequentially, while Aluminum segment adjusted EBITDA is expected to face unfavorable impacts of approximately $30 million from higher raw material costs and planned maintenance.

Alcoa reaffirmed its 2026 Alumina segment production projection of 9.5 to 9.6 million metric tons and Aluminum segment production projection of 2.4 to 2.6 million metric tons.

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