Alcoa posted Q2 2024 net income of $20 million ($0.11 per share), reversing Q1's $252 million loss, driven by higher alumina and aluminum prices. Revenue increased 12% sequentially to $2.9 billion, while Adjusted EBITDA excluding special items rose to $325 million from $132 million in Q1.The company's operational improvements continued with aluminum production reaching 543,000 metric tons, marking the seventh consecutive quarter of increased output. Total aluminum shipments rose 7% sequentially to 677,000 metric tons. The Alumina segment saw production decrease 5% to 2.53 million metric tons due to the completed curtailment of Kwinana refinery.Alcoa maintained strong liquidity with a $1.4 billion cash balance at quarter-end. The company expects to close its acquisition of Alumina Limited around August 1, 2024, having received all required regulatory approvals. The profitability improvement programs are on track to deliver the full $645 million target by year-end 2025.

Alcoa posted Q2 2024 net income of $20 million ($0.11 per share), reversing Q1's $252 million loss, driven by higher alumina and aluminum prices. Revenue increased 12% sequentially to $2.9 billion, while Adjusted EBITDA excluding special items rose to $325 million from $132 million in Q1.The company's operational improvements continued with aluminum production reaching 543,000 metric tons, marking the seventh consecutive quarter of increased output. Total aluminum shipments rose 7% sequentially to 677,000 metric tons. The Alumina segment saw production decrease 5% to 2.53 million metric tons due to the completed curtailment of Kwinana refinery.Alcoa maintained strong liquidity with a $1.4 billion cash balance at quarter-end. The company expects to close its acquisition of Alumina Limited around August 1, 2024, having received all required regulatory approvals. The profitability improvement programs are on track to deliver the full $645 million target by year-end 2025.