The earnings call highlighted strong financial and production results, an increase in net income, and successful debt management. However, challenges such as revenue decline, the impact of U.S. tariffs, and costs associated with the San Ciprian restart were significant concerns.

Company Guidance

In the first quarter of 2025, Alcoa Corporation reported a strong performance, with a sequential revenue decrease of 3% to $3.4 billion and net income attributable to Alcoa rising to $548 million. Earnings per share more than doubled to $2.07, while adjusted net income was $568 million or $2.15 per share. The adjusted EBITDA increased by $178 million, reaching $855 million. Despite economic uncertainties, Alcoa maintained operational stability, showing improved production metrics, such as a 91% capacity operation at the Alumar smelter in Brazil. The company executed a $1 billion debt offering in Australia, which provided cash flow flexibility, ending the quarter with $1.2 billion in cash. Alcoa plans to maintain its capital allocation framework, targeting an adjusted net debt range of $1 billion to $1.5 billion. They also adjusted their full-year depreciation expense forecast to $620 million, citing favorable currency impacts. However, Alcoa faces challenges with U.S. Section 232 tariffs on Canadian aluminum, which are expected to cost approximately $400 to $425 million annually, impacting the second quarter performance by around $105 million. Despite these challenges, Alcoa's strategic actions, such as forming a joint venture with Ignis EQT and resuming production at the San Ciprian smelter, are expected to support their continued resilience and strategic objectives.

Strong Financial and Production Results

Alcoa achieved strong first-quarter financial and production results, with significant improvements in safety performance and operational stability across most operations.

Increase in Net Income and EPS

Net income attributable to Alcoa increased to $548 million from $202 million in the previous quarter, with earnings per common share more than doubling to $2.07 per share.

Joint Venture Formation and Debt Management

Alcoa formed a joint venture with Ignis EQT for the San Ciprian operations and completed a $1 billion debt offering in Australia, using proceeds to repay existing debt and extend maturities at a lower after-tax interest expense.

Positive Free Cash Flow

Alcoa ended the first quarter with $1.2 billion in cash, driven by strong EBITDA and positive cash from operations despite high working capital build.

Alcoa (AA) Earnings, Revenues Date & History

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AA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 16, 2025	2025 (Q2)	0.75 / -	0.16	―	―	―
Apr 16, 2025	2025 (Q1)	1.68 / 2.15	-0.81	365.43% (+2.96)
Jan 22, 2025	2024 (Q4)	0.95 / 1.04	-0.56	285.71% (+1.60)
Oct 16, 2024	2024 (Q3)	0.25 / 0.57	-1.14	150.00% (+1.71)
Jul 17, 2024	2024 (Q2)	0.08 / 0.16	-0.35	145.71% (+0.51)
Apr 17, 2024	2024 (Q1)	-0.64 / -0.81	-0.23	-252.17% (-0.58)
Jan 17, 2024	2023 (Q4)	-0.85 / -0.56	-0.7	20.00% (+0.14)
Oct 18, 2023	2023 (Q3)	-1.05 / -1.14	-0.33	-245.45% (-0.81)
Jul 19, 2023	2023 (Q2)	-0.45 / -0.35	2.67	-113.11% (-3.02)
Apr 19, 2023	2023 (Q1)	<0.01 / -0.23	3.06	-107.52% (-3.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 16, 2025	$24.98	$23.24	-6.97%
Jan 22, 2025	$38.52	$37.10	-3.69%
Oct 16, 2024	$41.69	$39.99	-4.08%
Jul 17, 2024	$36.36	$35.21	-3.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.