Alcoa AA reported an adjusted Q2 EPS of $0.07 vs. $0.06 expected on revenue of $5.85 billion vs. $5.83 billion forecast. GAAP EPS was hurt by the closure of several smelters and also due to the settlement of a government investigation into the previously disclosed Alba dispute.
Revenue fell from $5,96 billion but was still better than forecast while EPS also posted a gain from a year ago. Free cash flow in the quarter was $228 million and cash from operations was $514 million. The company's cash position rose to $1.2 billion.
Alcoa also announced that debt fell $566 million from a year ago and that it sees end-market growth as "robust."
“Our businesses showed remarkable operating performance in the quarter with solid free cash flow,” said Klaus Kleinfeld, Alcoa Chairman and CEO. “In our value-add businesses we reached another milestone with record profitability in our downstream business while acting decisively to defy the headwinds of falling metal prices in our upstream businesses. We improved our competitive position by actively restructuring, curtailing, and closing facilities and made progress addressing legacy legal issues.”
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