Alcoa (NYSE: AA) -7.8% post-trade on Wednesday after announcing a surprise adjusted third-quarter loss and lowering its full-year alumina and bauxite shipment projections.
The company reported a net loss of $746 million in the third quarter, a loss of $4.17 per share, including $652 million in restructuring charges related primarily to pension stocks, versus earnings of $397 million, or $1.76/share, in the prior quarter, and Adjusted EBITDA of -71% to $210 million versus $728 million in the prior quarter.
Third-quarter revenue fell 8% to $2.85 billion from $3.11 billion a year ago. %.
Total costs and expenses for the quarter increased to $3.58 billion from $2.61 billion in the prior year period.
Alcoa (AA) produced 497,000 metric tons of aluminum during the quarter, matching the strong production of the previous quarter.
While Alcoa (AA) still forecasts full-year aluminum shipments of 2.5 to 2.6 million metric tons, the company lowers its forecast for alumina shipments to 13.1 to 13, 3 million tonnes versus its earlier forecast of 13.6-13.8 million tonnes, and it sees bauxite shipments of 43-44 million tonnes versus earlier forecast of 44-45 million tonnes.
Alcoa (AA) stock price performance is down 37% year-to-date and down 30% in the past year.