Alcoa reports Q1 adjusted EPS $1.40, consensus $1.51

Reports Q1 revenue $3.19B, consensus $3.27B. Production: Alumina production decreased 5 percent sequentially to 2.4 million metric tons primarily related to lower production at the Australian refineries due to the beginning of seasonal maintenance cycles. In the Aluminum segment, production was flat sequentially at 607,000 metric tons primarily due to continued progress on the San Ciprian smelter restart, partially offset by two fewer days in the period. Shipments: In the Alumina segment, third-party shipments of alumina decreased 31 percent sequentially primarily due to lower sales of externally sourced alumina to fulfill customer commitments, seasonally lower first quarter shipments, and shipment delays in Australia primarily related to the Middle East conflict and Cyclone Narelle. In Aluminum, total shipments decreased 8 percent sequentially primarily due to proactive inventory repositioning within North America and decreased trading, partially offset by increased shipments related to the San Ciprian smelter restart.