PITTSBURGH--(BUSINESS WIRE)--
Alcoa Corporation (NYSE: AA):
-
Net income of $150 million, or $0.80 per share
-
Excluding special items, adjusted net income of $145 million, or $0.77
per share
- $653 million of adjusted earnings before interest, tax, depreciation,
and amortization (EBITDA) excluding special items
-
Revenue of $3.1 billion
- $1.2 billion cash balance and $1.5 billion of debt, for net debt of
$0.3 billion, as of March 31, 2018
-
Company increased its 2018 projection for adjusted EBITDA excluding
special items to $3.5 billion to $3.7 billion, up from $2.6 billion to
$2.8 billion1
-
Company projects full-year 2018 global deficit for both alumina and
aluminum
|
|
|
|
|
|
|
|
M, except per share amounts |
| 1Q17 |
| 4Q17 |
| 1Q18 |
|
Revenue
|
|
$
|
2,655
|
|
$
|
3,174
| |
|
$
|
3,090
|
|
Net income (loss) attributable to Alcoa Corporation
| |
$
|
225
| |
$
|
(196
|
)
| |
$
|
150
|
|
Earnings per share attributable to Alcoa Corporation
|
|
$
|
1.21
|
|
$
|
(1.06
|
)
|
|
$
|
0.80
|
|
Adjusted net income
| |
$
|
117
| |
$
|
195
| | |
$
|
145
|
|
Adjusted earnings per share
|
|
$
|
0.63
|
|
$
|
1.04
|
|
|
$
|
0.77
|
|
Adjusted EBITDA excluding special items2 |
|
$
|
554
|
|
$
|
796
|
|
|
$
|
653
|
|
| |
1 | | Based on actual YTD 2018 results; outlook for unpriced sales at
$2,300 LME, $500 API, $0.21 Midwest premium and updated regional
premiums, and currencies. |
| |
|
2 | | On January 1, 2018, Alcoa Corporation adopted changes issued by
the Financial Accounting Standards Board to the presentation of
net periodic benefit cost related to pension and other
postretirement benefit plans. These changes require the
non-service cost components of net periodic benefit cost to be
reported separately from the service cost component in an entity’s
income statement. Additionally, these changes are required to be
applied retrospectively. Accordingly, previously reported amounts
for Cost of goods sold, Selling, general administrative, and other
expenses, and Other expenses (income), net on Alcoa Corporation’s
consolidated income statement have been recast to reflect these
changes. As a result, previously reported amounts for Adjusted
EBITDA on both a consolidated basis and for each of the Company’s
three segments have been updated to reflect these changes. See the
financial schedules to this release for additional information. |
| |
|
Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and
aluminum products today reported first quarter 2018 results that show
resilient profitability amid lower alumina prices earlier in the year.
In addition, Alcoa ended the quarter on March 31, 2018 with a cash
balance of $1.2 billion, down $162 million sequentially, but up $392
million year-over-year.
“Our first quarter results point to a good start for the year, enabling
us to make further progress against our strategic priorities to reduce
complexity, drive returns, and strengthen the balance sheet,” said Alcoa
President and Chief Executive Officer Roy Harvey.
Alcoa also updated its full-year outlook for adjusted EBITDA excluding
special items to range between $3.5 billion to $3.7 billion1,
up from the prior quarter’s range of $2.6 billion to $2.8 billion, due
to recent favorable market conditions.
“While the markets may continue to change, our portfolio of assets
across the aluminum value chain is steadfastly positioned to perform
through commodity cycles,” Harvey said. “Most importantly, we are
uniquely suited for today’s market environment, and we are committed to
driving improved pricing to the bottom line to strengthen Alcoa at an
even faster rate.”
In first quarter 2018, Alcoa reported net income of $150 million, or
$0.80 per share. In fourth quarter 2017, Alcoa reported a net loss of
$196 million, or $1.06 per share, which included $391 million in special
items tied primarily to previously announced actions taken in line with
the Company’s strategic priorities.
The Company reported a positive impact of $5 million from special items
in first quarter 2018. This impact was primarily due to a net gain from
changes to employee retirement benefits in the United States and Canada,
announced in January 2018, and a net benefit related to certain
mark-to-market energy derivatives. Those gains were mostly offset by
costs for the partial restart of the smelter at Warrick Operations in
Indiana and a net unfavorable impact for several tax items.
Excluding the impact of special items, first quarter 2018 adjusted net
income was $145 million, or $0.77 per share, down 26 percent
sequentially from $195 million, or $1.04 per share.
In first quarter 2018, Alcoa reported $653 million of adjusted EBITDA
excluding special items, down 18 percent from $796 million2
in fourth quarter 2017. Lower alumina prices were the primary factor
driving the sequential change in adjusted EBITDA. Other factors,
including seasonal volume declines and higher raw material costs, were
offset by improved aluminum prices and lower energy costs.
Alcoa reported first quarter 2018 revenue of $3.1 billion, down 3
percent sequentially, largely due to decreased aluminum shipments and a
decline in alumina prices, partially offset by both increased shipments
and favorable mix in alumina and higher aluminum prices.
Cash from operations in first quarter 2018 was $55 million and free cash
flow was a negative $19 million primarily due to seasonal increases in
working capital. Cash used for financing activities and investing
activities was $147 million and $74 million, respectively, in the first
quarter of 2018.
Alcoa ended first quarter 2018 with cash on hand of $1.2 billion and
$1.5 billion of debt, for net debt of $0.3 billion. The Company reported
18 days working capital, a 1-day improvement from first quarter 2017.
Earlier this month, Alcoa announced it had signed
group annuity contracts with three insurance companies to cover
approximately 2,100 retirees or beneficiaries of Canadian defined
benefit pension plans. The transfer of approximately $555 million in
obligations and related assets lowers the Company’s risk to volatility
from pension plan obligations. In connection with the transaction, the
Company will record a non-cash charge of approximately $175 million
($128 million after-tax) in the second quarter of 2018. The Company also
contributed approximately $95 million in April 2018 to facilitate the
annuity transaction and maintain the funding level of the remaining plan
obligations.
Market Update
Alcoa is projecting a global deficit for both aluminum and alumina in
2018.
Due to delays in projects to expand smelters in China, the Company
expects the global aluminum deficit to grow to between 600 thousand
metric tons and 1 million metric tons, up from last quarter’s deficit
estimate of between 300 thousand metric tons and 700 thousand metric
tons. Global aluminum demand growth is projected between 4.25 to 5.25
percent.
In alumina, Alcoa projects a global deficit between 300 thousand metric
tons and 1.1 million metric tons for full year 2018, primarily due to
supply disruptions in the Atlantic region. This projection compares to
last quarter’s expectations of a balanced market.
The global market for bauxite is expected to remain in balance.
Considerable uncertainty remains in the global supply chain due to
multiple trade actions, sanctions, and supply disruptions.
Conference Call
Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern
Daylight Time (EDT) on Wednesday, April 18, to present first quarter
2018 financial results, discuss the business, and review market
fundamentals.
The call will be webcast via the Company’s homepage on www.alcoa.com.
Presentation materials for the call will be available for viewing on the
same website at approximately 4:15 p.m. EDT on April 18. Call
information and related details are available under the “Investors”
section of www.alcoa.com.
Dissemination of Company Information
Alcoa intends to make future announcements regarding Company
developments and financial performance through its website, www.alcoa.com.
About Alcoa Corporation
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina, and
aluminum products and is built on a foundation of strong values and
operating excellence dating back nearly 130 years to the world-changing
discovery that made aluminum an affordable and vital part of modern
life. Since developing the aluminum industry, and throughout our
history, our talented Alcoans have followed on with breakthrough
innovations and best practices that have led to efficiency, safety,
sustainability, and stronger communities wherever we operate.
Forward-Looking Statements
This press release contains statements that relate to future events and
expectations and as such constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include those containing such words as
“anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,”
“goal,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,”
“sees,” “should,” “targets,” “will,” “would,” or other words of similar
meaning. All statements by Alcoa Corporation that reflect expectations,
assumptions or projections about the future, other than statements of
historical fact, are forward-looking statements, including, without
limitation, forecasts concerning global demand growth for bauxite,
alumina, and aluminum, and supply/demand balances; statements,
projections or forecasts of future or targeted financial results or
operating performance; and statements about strategies, outlook, and
business and financial prospects. These statements reflect beliefs and
assumptions that are based on Alcoa Corporation’s perception of
historical trends, current conditions, and expected future developments,
as well as other factors that management believes are appropriate in the
circumstances. Forward-looking statements are not guarantees of future
performance and are subject to known and unknown risks, uncertainties,
and changes in circumstances that are difficult to predict. Although
Alcoa Corporation believes that the expectations reflected in any
forward-looking statements are based on reasonable assumptions, it can
give no assurance that these expectations will be attained and it is
possible that actual results may differ materially from those indicated
by these forward-looking statements due to a variety of risks and
uncertainties. Such risks and uncertainties include, but are not limited
to: (a) material adverse changes in aluminum industry conditions,
including global supply and demand conditions and fluctuations in London
Metal Exchange-based prices and premiums, as applicable, for primary
aluminum, alumina, and other products, and fluctuations in indexed-based
and spot prices for alumina; (b) deterioration in global economic and
financial market conditions generally; (c) unfavorable changes in the
markets served by Alcoa Corporation; (d) the impact of changes in
foreign currency exchange rates on costs and results; (e) increases in
energy costs; (f) declines in the discount rates used to measure pension
liabilities or lower-than-expected investment returns on pension assets,
or unfavorable changes in laws or regulations that govern pension plan
funding; (g) the inability to achieve the level of revenue growth, cash
generation, cost savings, improvement in profitability and margins,
fiscal discipline, or strengthening of competitiveness and operations
anticipated from restructuring programs and productivity improvement,
cash sustainability, technology advancements, and other initiatives; (h)
the inability to realize expected benefits, in each case as planned and
by targeted completion dates, from acquisitions, divestitures, facility
closures, curtailments, restarts, expansions, or joint ventures; (i)
political, economic, and regulatory risks in the countries in which
Alcoa Corporation operates or sells products; (j) the outcome of
contingencies, including legal proceedings, government or regulatory
investigations, and environmental remediation; (k) the impact of
cyberattacks and potential information technology or data security
breaches; and (l) the other risk factors discussed in Item 1A of Alcoa
Corporation’s Form 10-K for the fiscal year ended December 31, 2017 and
other reports filed by Alcoa Corporation with the U.S. Securities and
Exchange Commission (SEC). Alcoa Corporation disclaims any obligation to
update publicly any forward-looking statements, whether in response to
new information, future events or otherwise, except as required by
applicable law. Market projections are subject to the risks discussed
above and other risks in the market.
Non-GAAP Financial Measures
Some of the information included in this release is derived from Alcoa’s
consolidated financial information but is not presented in Alcoa’s
financial statements prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP). Certain of
these data are considered “non-GAAP financial measures” under SEC rules.
Alcoa Corporation believes that the presentation of non-GAAP financial
measures is useful to investors because such measures provide both
additional information about the operating performance of Alcoa
Corporation and insight on the ability of Alcoa Corporation to meet its
financial obligations by adjusting the most directly comparable GAAP
financial measure for the impact of, among others, “special items” as
defined by the Company, non-cash items in nature, and/or nonoperating
expense or income items. The presentation of non-GAAP financial measures
is not intended to be a substitute for, and should not be considered in
isolation from, the financial measures reported in accordance with GAAP.
Reconciliations to the most directly comparable GAAP financial measures
and management’s rationale for the use of the non-GAAP financial
measures can be found in the schedules to this release.
This release includes a range of forecasted 2018 Adjusted EBITDA for the
Company. Alcoa Corporation has not provided a reconciliation of this
forward-looking non-GAAP financial measure to the most directly
comparable GAAP financial measure for the following reasons. The
Company’s financial results are heavily dependent on market-driven
factors, such as LME-based prices for aluminum, index- and spot-based
prices for alumina, and foreign currency exchange rates. As such, the
Company may experience significant volatility on a daily basis related
to its forecasted Adjusted EBITDA. Management applies estimated
sensitivities, such as relating to aluminum and alumina prices and
foreign currency exchange rates, to the components that comprise
Adjusted EBITDA. However, a similar analysis cannot be performed
relating to the components necessary to reconcile Adjusted EBITDA to the
most directly comparable GAAP financial measure without unreasonable
effort due to the additional variability and complexity associated with
forecasting such items. Consequently, management believes such
reconciliation would imply a degree of precision that would be confusing
and/or potentially misleading to investors.
|
| |
| Alcoa Corporation and subsidiaries |
| Statement of Consolidated Operations (unaudited) |
| (dollars in millions, except per-share amounts) |
| |
|
| | Quarter ended |
| | March 31, |
| December 31, |
| March 31, |
| | 2017 | | 2017 | | 2018 |
|
Sales
| |
$
|
2,655
| | |
$
|
3,174
| | |
$
|
3,090
| |
| | | | | |
|
|
Cost of goods sold (exclusive of expenses below)(1) | | |
2,023
| | | |
2,339
| | | |
2,381
| |
|
Selling, general administrative, and other expenses(1) | | |
71
| | | |
69
| | | |
67
| |
|
Research and development expenses
| | |
7
| | | |
9
| | | |
8
| |
|
Provision for depreciation, depletion, and amortization
| | |
179
| | | |
187
| | | |
194
| |
|
Restructuring and other charges
| | |
10
| | | |
297
| | | |
(19
|
)
|
|
Interest expense
| | |
26
| | | |
27
| | | |
26
| |
|
Other (income) expenses, net(1) | |
| (79 |
)
| |
| 30 |
| |
| 21 |
|
|
Total costs and expenses
| | |
2,237
| | | |
2,958
| | | |
2,678
| |
| | | | | |
|
|
Income before income taxes
| | |
418
| | | |
216
| | | |
412
| |
|
Provision for income taxes
| |
| 110 |
| |
| 272 |
| |
| 138 |
|
| | | | | |
|
|
Net income (loss)
| | |
308
| | | |
(56
|
)
| | |
274
| |
| | | | | |
|
|
Less: Net income attributable to noncontrolling interest
| |
| 83 |
| |
| 140 |
| |
| 124 |
|
| | | | | |
|
NET INCOME (LOSS) ATTRIBUTABLE TO ALCOA CORPORATION
| | $ | 225 |
| | $ | (196 |
)
| | $ | 150 |
|
| | | | | |
|
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON
SHAREHOLDERS:
| | | | | | |
|
Basic:
| | | | | | |
|
Net income (loss)
| |
$
|
1.23
| | |
$
|
(1.06
|
)
| |
$
|
0.81
| |
|
Average number of shares
| | |
183,816,083
| | | |
185,078,245
| | | |
185,939,770
| |
| | | | | |
|
|
Diluted:
| | | | | | |
|
Net income (loss)
| |
$
|
1.21
| | |
$
|
(1.06
|
)
| |
$
|
0.80
| |
|
Average number of shares
| | |
186,303,547
| | | |
185,078,245
| | | |
188,494,931
| |
| | | | | |
|
|
Common stock outstanding at the end of the period
| | |
184,225,341
| | | |
185,200,713
| | | |
186,210,129
| |
| (1) |
|
On January 1, 2018, Alcoa Corporation adopted changes issued by the
Financial Accounting Standards Board to the presentation of net
periodic benefit cost related to pension and other postretirement
benefit plans. These changes require that an entity report the
service cost component of net periodic benefit cost in the same line
item(s) on its income statement as other compensation costs arising
from services rendered by the pertinent employees during a reporting
period. The other components of net periodic benefit cost (see Note
N to the Consolidated Financial Statements included in Part II Item
8 of the Company’s Annual Report on Form 10-K for the year ended
December 31, 2017) are required to be presented separately from the
service cost component. In other words, these other components may
be aggregated and presented as a separate line item or they may be
included in existing line items on the income statement other than
such line items that include the service cost component. Previously,
Alcoa Corporation included all components of net periodic benefit
cost, except for certain settlements, curtailments, and special
termination benefits related to severance programs, in Cost of goods
sold (business employees) and Selling, general administrative, and
other expenses (corporate employees) consistent with the location of
other compensation costs related to the respective employees. The
non-service cost components noted as exceptions are included in
Restructuring and other charges, as applicable. Upon adoption of
these changes, management began classifying the non-service cost
components of net periodic benefit cost, except for certain
settlements, curtailments, and special termination benefits related
to severance programs that will continue to be reported in
Restructuring and other charges, in Other (income) expenses, net on
the Company’s Statement of Consolidated Operations. For the quarter
ended March 31, 2018, the non-service cost components included in
Other expenses, net was $38. Additionally, the Statement of
Consolidated Operations for the quarters ended March 31, 2017 and
December 31, 2017 were recast to reflect the reclassification of the
non-service cost components of net periodic benefit cost to Other
(income) expenses, net from both Cost of goods sold and Selling,
general administrative, and other expenses. As a result, for the
quarters ended March 31, 2017 and December 31, 2017, Cost of goods
sold decreased by $20, Selling, general administrative, and other
expenses decreased by $1, and Other (income) expenses, net changed
by $21.
|
| |
|
|
| |
| |
| Alcoa Corporation and subsidiaries |
| Consolidated Balance Sheet (unaudited) |
| (in millions) |
| | | |
|
| | December 31, | | March 31, |
| | 2017 | | 2018 |
|
ASSETS
| | | | |
|
Current assets:
| | | | |
|
Cash and cash equivalents
| |
$
|
1,358
| | |
$
|
1,196
| |
|
Receivables from customers
| | |
811
| | | |
814
| |
|
Other receivables
| | |
232
| | | |
187
| |
|
Inventories
| | |
1,453
| | | |
1,630
| |
|
Fair value of derivative contracts
| | |
113
| | | |
52
| |
|
Prepaid expenses and other current assets(1) | |
| 271 |
| |
| 270 |
|
|
Total current assets
| |
| 4,238 |
| |
| 4,149 |
|
| | | |
|
|
Properties, plants, and equipment
| | |
23,046
| | | |
22,837
| |
|
Less: accumulated depreciation, depletion, and amortization
| |
| 13,908 |
| |
| 13,803 |
|
|
Properties, plants, and equipment, net
| |
| 9,138 |
| |
| 9,034 |
|
|
Investments
| | |
1,410
| | | |
1,413
| |
|
Deferred income taxes
| | |
814
| | | |
700
| |
|
Fair value of derivative contracts
| | |
128
| | | |
99
| |
|
Other noncurrent assets
| |
| 1,719 |
| |
| 1,701 |
|
|
Total assets
| | $ | 17,447 |
| | $ | 17,096 |
|
| | | |
|
|
LIABILITIES
| | | | |
|
Current liabilities:
| | | | |
|
Accounts payable, trade
| |
$
|
1,898
| | |
$
|
1,813
| |
|
Accrued compensation and retirement costs
| | |
459
| | | |
416
| |
|
Taxes, including income taxes
| | |
282
| | | |
325
| |
|
Fair value of derivative contracts
| | |
185
| | | |
113
| |
|
Other current liabilities
| | |
412
| | | |
294
| |
|
Long-term debt due within one year
| |
| 16 |
| |
| 15 |
|
|
Total current liabilities
| |
| 3,252 |
| |
| 2,976 |
|
|
Long-term debt, less amount due within one year
| | |
1,388
| | | |
1,445
| |
|
Accrued pension benefits
| | |
2,341
| | | |
2,218
| |
|
Accrued other postretirement benefits
| | |
1,100
| | | |
1,075
| |
|
Asset retirement obligations
| | |
617
| | | |
631
| |
|
Environmental remediation
| | |
258
| | | |
234
| |
|
Fair value of derivative contracts
| | |
1,105
| | | |
466
| |
|
Noncurrent income taxes
| | |
309
| | | |
285
| |
|
Other noncurrent liabilities and deferred credits
| |
| 279 |
| |
| 249 |
|
|
Total liabilities
| |
| 10,649 |
| |
| 9,579 |
|
| | | |
|
|
EQUITY
| | | | |
|
Alcoa Corporation shareholders’ equity:
| | | | |
|
Common stock
| | |
2
| | | |
2
| |
|
Additional capital
| | |
9,590
| | | |
9,633
| |
|
Retained earnings
| | |
113
| | | |
263
| |
|
Accumulated other comprehensive loss
| |
| (5,182 |
)
| |
| (4,530 |
)
|
|
Total Alcoa Corporation shareholders' equity
| |
| 4,523 |
| |
| 5,368 |
|
|
Noncontrolling interest
| |
| 2,275 |
| |
| 2,149 |
|
|
Total equity
| |
| 6,798 |
| |
| 7,517 |
|
|
Total liabilities and equity
| | $ | 17,447 |
| | $ | 17,096 |
|
| (1) |
|
This line item includes $7 of restricted cash as of both December
31, 2017 and March 31, 2018.
|
| |
|
|
| |
| Alcoa Corporation and subsidiaries |
| Statement of Consolidated Cash Flows (unaudited) |
| (in millions) |
| |
|
| | Three months ended |
| | March 31, |
| | 2017 |
| 2018 |
|
CASH FROM OPERATIONS
| | | | |
|
Net income
| |
$
|
308
| | |
$
|
274
| |
|
Adjustments to reconcile net income to cash from operations:
| | | | |
|
Depreciation, depletion, and amortization
| | |
179
| | | |
194
| |
|
Deferred income taxes
| | |
23
| | | |
(11
|
)
|
|
Equity earnings, net of dividends
| | |
(1
|
)
| | |
(6
|
)
|
|
Restructuring and other charges
| | |
10
| | | |
(19
|
)
|
|
Net gain from investing activities – asset sales
| | |
(120
|
)
| | |
(5
|
)
|
|
Net periodic pension benefit cost
| | |
28
| | | |
40
| |
|
Stock-based compensation
| | |
7
| | | |
10
| |
|
Other
| | |
9
| | | |
(14
|
)
|
|
Changes in assets and liabilities, excluding effects of
acquisitions, divestitures, and foreign currency translation
adjustments:
| | | | |
|
Decrease in receivables
| | |
7
| | | |
43
| |
|
(Increase) in inventories
| | |
(102
|
)
| | |
(169
|
)
|
|
Decrease in prepaid expenses and other current assets
| | |
13
| | | |
2
| |
|
(Decrease) in accounts payable, trade
| | |
(45
|
)
| | |
(106
|
)
|
|
(Decrease) in accrued expenses
| | |
(181
|
)
| | |
(186
|
)
|
|
(Decrease) Increase in taxes, including income taxes
| | |
(17
|
)
| | |
84
| |
|
Pension contributions
| | |
(21
|
)
| | |
(40
|
)
|
|
(Increase) in noncurrent assets
| | |
(3
|
)
| | |
(13
|
)
|
|
(Decrease) in noncurrent liabilities
| |
| (20 |
)
| |
| (23 |
)
|
|
CASH PROVIDED FROM OPERATIONS
| |
| 74 |
| |
| 55 |
|
| | | |
|
|
FINANCING ACTIVITIES
| | | | |
|
Cash paid to former parent company related to separation(1) | | |
(238
|
)
| | |
–
| |
|
Net change in short-term borrowings (original maturities of three
months or less)
| | |
2
| | | |
–
| |
|
Additions to debt (original maturities greater than three months)
| | |
2
| | | |
61
| |
|
Payments on debt (original maturities greater than three months)
| | |
(5
|
)
| | |
(4
|
)
|
|
Proceeds from the exercise of employee stock options
| | |
18
| | | |
15
| |
|
Contributions from noncontrolling interest
| | |
24
| | | |
53
| |
|
Distributions to noncontrolling interest
| | |
(57
|
)
| | |
(267
|
)
|
|
Other
| |
| (6 |
)
| |
| (5 |
)
|
|
CASH USED FOR FINANCING ACTIVITIES
| |
| (260 |
)
| |
| (147 |
)
|
| | | |
|
|
INVESTING ACTIVITIES
| | | | |
|
Capital expenditures
| | |
(71
|
)
| | |
(74
|
)
|
|
Proceeds from the sale of assets and businesses
| | |
238
| | | |
–
| |
|
Additions to investments
| |
| (25 |
)
| |
| – |
|
|
CASH PROVIDED FROM (USED FOR) INVESTING ACTIVITIES(2) | |
| 142 |
| |
| (74 |
)
|
| | | |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH(2) | |
| 7 |
| |
| 4 |
|
|
Net change in cash and cash equivalents and restricted cash(2) | | |
(37
|
)
| | |
(162
|
)
|
|
Cash and cash equivalents and restricted cash at beginning of year(2) | |
| 859 |
| |
| 1,365 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD(2) | | $ | 822 |
| | $ | 1,203 |
|
(1) |
|
On November 1, 2016, Alcoa Corporation separated from its former
parent company (now named Arconic Inc.) into a standalone,
publicly-traded company. In accordance with the terms of the related
Separation and Distribution Agreement, Alcoa Corporation paid to
Arconic Inc. the net after-tax proceeds of $238 from the sale of the
Yadkin Hydroelectric Project.
|
| |
|
(2) | |
On January 1, 2018, Alcoa Corporation adopted changes issued by the
Financial Accounting Standards Board to the presentation of
restricted cash in the statement of cash flows. These changes
require that restricted cash be aggregated with cash and cash
equivalents in both the beginning-of-period and end-of-period line
items at the bottom of the statement of cash flows. Previously, the
change in restricted cash between the beginning-of-period and end-of
period was reflected as either an investing, financing, operating,
or non-cash activity based on the underlying nature of the
transaction. Accordingly, for the Company’s Statement of
Consolidated Cash Flows for the three months ended March 31, 2018,
both the Cash and cash equivalents and restricted cash at beginning
of year and Cash and cash equivalents and restricted cash at end of
period line items include $7 of restricted cash. Additionally, the
Company’s Statement of Consolidated Cash Flows for the three months
ended March 31, 2017 was recast to reflect this change in
presentation. As a result, the Cash and cash equivalents and
restricted cash at beginning of year and Cash and cash equivalents
and restricted cash at end of period line items include $6 and $18,
respectively, of restricted cash. Of the $12 increase in restricted
cash for the three months ended March 31, 2017, $11 was previously
presented as a cash outflow in the investing activities section of
the Company’s Statement of Consolidated Cash Flows for the three
months ended March 31, 2017. The remaining change of $1 is now
reflected in the Effect of exchange rate changes on cash and cash
equivalents and restricted cash line item.
|
| |
|
|
| |
| |
| |
| |
| |
| |
| Alcoa Corporation and subsidiaries |
| Segment Information (unaudited) |
| (dollars in millions, except realized prices; dry metric tons in
millions (mdmt); metric tons in thousands (kmt)) |
| | | | | | | | | | | |
|
| | 1Q17 | | 2Q17 | | 3Q17 | | 4Q17 | | 2017 | | 1Q18 |
| Bauxite: | | | | | | | | | | | | |
|
Production(1) (mdmt)
| | |
11.1
| | | |
11.0
| | | |
11.6
| | | |
12.1
| | | |
45.8
| | | |
11.2
| |
|
Third-party shipments (mdmt)
| | |
1.4
| | | |
1.6
| | | |
2.1
| | | |
1.5
| | | |
6.6
| | | |
1.1
| |
|
Intersegment shipments (mdmt)
| | |
10.2
| | | |
9.9
| | | |
10.2
| | | |
10.8
| | | |
41.1
| | | |
10.4
| |
|
Third-party sales
| |
$
|
70
| | |
$
|
80
| | |
$
|
104
| | |
$
|
79
| | |
$
|
333
| | |
$
|
47
| |
|
Intersegment sales
| |
$
|
219
| | |
$
|
208
| | |
$
|
221
| | |
$
|
227
| | |
$
|
875
| | |
$
|
249
| |
|
Adjusted EBITDA(2) | |
$
|
110
| | |
$
|
97
| | |
$
|
112
| | |
$
|
105
| | |
$
|
424
| | |
$
|
110
| |
|
Depreciation, depletion, and amortization
|
|
$
|
18
|
|
|
$
|
19
|
|
|
$
|
24
|
|
|
$
|
21
|
|
|
$
|
82
|
|
|
$
|
29
|
|
| | | | | | | | | | | |
|
| Alumina: | | | | | | | | | | | | |
|
Production (kmt)
| | |
3,211
| | | |
3,249
| | | |
3,305
| | | |
3,331
| | | |
13,096
| | | |
3,173
| |
|
Third-party shipments (kmt)
| | |
2,255
| | | |
2,388
| | | |
2,271
| | | |
2,306
| | | |
9,220
| | | |
2,376
| |
|
Intersegment shipments (kmt)
| | |
947
| | | |
1,152
| | | |
1,153
| | | |
1,223
| | | |
4,475
| | | |
1,097
| |
|
Average realized third-party price per metric ton of alumina
| |
$
|
325
| | |
$
|
314
| | |
$
|
314
| | |
$
|
406
| | |
$
|
340
| | |
$
|
385
| |
|
Third-party sales
| |
$
|
734
| | |
$
|
749
| | |
$
|
713
| | |
$
|
937
| | |
$
|
3,133
| | |
$
|
914
| |
|
Intersegment sales
| |
$
|
361
| | |
$
|
384
| | |
$
|
398
| | |
$
|
580
| | |
$
|
1,723
| | |
$
|
454
| |
|
Adjusted EBITDA(2) | |
$
|
297
| | |
$
|
227
| | |
$
|
203
| | |
$
|
562
| | |
$
|
1,289
| | |
$
|
392
| |
|
Depreciation and amortization
| |
$
|
49
| | |
$
|
53
| | |
$
|
53
| | |
$
|
52
| | |
$
|
207
| | |
$
|
53
| |
|
Equity income (loss)
|
|
$
|
1
|
|
|
$
|
(6
|
)
|
|
$
|
(5
|
)
|
|
$
|
5
|
|
|
$
|
(5
|
)
|
|
$
|
(1
|
)
|
| | | | | | | | | | | |
|
| Aluminum: | | | | | | | | | | | | |
|
Primary aluminum production (kmt)
| | |
559
| | | |
575
| | | |
596
| | | |
598
| | | |
2,328
| | | |
554
| |
|
Third-party aluminum shipments(3) (kmt)
| | |
801
| | | |
833
| | | |
868
| | | |
854
| | | |
3,356
| | | |
794
| |
|
Average realized third-party price per metric ton of primary aluminum
| |
$
|
2,080
| | |
$
|
2,199
| | |
$
|
2,237
| | |
$
|
2,365
| | |
$
|
2,224
| | |
$
|
2,483
| |
|
Third-party sales
| |
$
|
1,806
| | |
$
|
1,988
| | |
$
|
2,090
| | |
$
|
2,143
| | |
$
|
8,027
| | |
$
|
2,111
| |
|
Intersegment sales
| |
$
|
4
| | |
$
|
3
| | |
$
|
9
| | |
$
|
5
| | |
$
|
21
| | |
$
|
4
| |
|
Adjusted EBITDA(2) | |
$
|
217
| | |
$
|
234
| | |
$
|
315
| | |
$
|
246
| | |
$
|
1,012
| | |
$
|
153
| |
|
Depreciation and amortization
| |
$
|
101
| | |
$
|
108
| | |
$
|
106
| | |
$
|
104
| | |
$
|
419
| | |
$
|
106
| |
|
Equity (loss) income
|
|
$
|
(7
|
)
|
|
$
|
3
|
|
|
$
|
(7
|
)
|
|
$
|
(8
|
)
|
|
$
|
(19
|
)
|
|
$
|
–
|
|
| | | | | | | | | | | |
|
| Reconciliation of total segment Adjusted EBITDA to consolidated
net income (loss) attributable to Alcoa Corporation: | | | | | | | | | | | | |
|
Total segment Adjusted EBITDA(2) | |
$
|
624
| | |
$
|
558
| | |
$
|
630
| | |
$
|
913
| | |
$
|
2,725
| | |
$
|
655
| |
|
Unallocated amounts:
| | | | | | | | | | | | |
|
Transformation(4),(5) | | |
(20
|
)
| | |
(28
|
)
| | |
(11
|
)
| | |
10
| | | |
(49
|
)
| | |
(2
|
)
|
|
Corporate inventory accounting(4),(6) | | |
(17
|
)
| | |
14
| | | |
(9
|
)
| | |
(95
|
)
| | |
(107
|
)
| | |
31
| |
|
Corporate expenses(2),(7) | | |
(33
|
)
| | |
(34
|
)
| | |
(33
|
)
| | |
(31
|
)
| | |
(131
|
)
| | |
(27
|
)
|
|
Provision for depreciation, depletion, and amortization
| | |
(179
|
)
| | |
(190
|
)
| | |
(194
|
)
| | |
(187
|
)
| | |
(750
|
)
| | |
(194
|
)
|
|
Restructuring and other charges
| | |
(10
|
)
| | |
(12
|
)
| | |
10
| | | |
(297
|
)
| | |
(309
|
)
| | |
19
| |
|
Interest expense
| | |
(26
|
)
| | |
(25
|
)
| | |
(26
|
)
| | |
(27
|
)
| | |
(104
|
)
| | |
(26
|
)
|
|
Other income (expenses), net(2) | | |
79
| | | |
(28
|
)
| | |
(48
|
)
| | |
(30
|
)
| | |
(27
|
)
| | |
(21
|
)
|
|
Other(2),(4),(8) |
|
|
–
|
|
|
|
(18
|
)
|
|
|
(31
|
)
|
|
|
(40
|
)
|
|
|
(89
|
)
|
|
|
(23
|
)
|
|
Consolidated income before income taxes
| | |
418
| | | |
237
| | | |
288
| | | |
216
| | | |
1,159
| | | |
412
| |
|
Provision for income taxes
| | |
(110
|
)
| | |
(99
|
)
| | |
(119
|
)
| | |
(272
|
)
| | |
(600
|
)
| | |
(138
|
)
|
|
Net income attributable to noncontrolling interest
|
|
|
(83
|
)
|
|
|
(63
|
)
|
|
|
(56
|
)
|
|
|
(140
|
)
|
|
|
(342
|
)
|
|
|
(124
|
)
|
|
Consolidated net income (loss) attributable to Alcoa Corporation
|
|
$
|
225
|
|
|
$
|
75
|
|
|
$
|
113
|
|
|
$
|
(196
|
)
|
|
$
|
217
|
|
|
$
|
150
|
|
|
The difference between certain segment totals and consolidated
amounts is in Corporate.
|
|
| |
| (1) | |
The production amounts do not include additional bauxite
(approximately 3 mdmt per annum) that Alcoa Corporation is entitled
to receive (i.e. an amount in excess of its equity ownership
interest) from certain other partners at the mine in Guinea.
|
| |
|
| (2) | |
On January 1, 2018, Alcoa Corporation adopted changes issued by the
Financial Accounting Standards Board to the presentation of net
periodic benefit cost related to pension and other postretirement
benefit plans. These changes require the non-service cost components
of net periodic benefit cost to be reported separately from the
service cost component in an entity’s income statement.
Additionally, these changes are required to be applied
retrospectively. Accordingly, previously reported amounts for Cost
of goods sold, Selling, general administrative, and other expenses,
and Other expenses (income), net on Alcoa Corporation’s Statement of
Consolidated Operations have been recast to reflect these changes.
As a result, previously reported amounts for Adjusted EBITDA on both
a consolidated basis and for each of the Company’s three segments
have been updated to reflect these changes. See footnote 1 to the
Statement of Consolidated Operations for additional information.
|
| |
|
| (3) | |
The Aluminum segment’s third-party aluminum shipments are composed
of both primary aluminum and flat-rolled aluminum.
|
| |
|
| (4) | |
Effective in the first quarter of 2017, management elected to change
the presentation of certain line items in the reconciliation of
total segment Adjusted EBITDA to consolidated net income (loss)
attributable to Alcoa Corporation to provide additional transparency
to the nature of these reconciling items. Accordingly,
Transformation (see footnote 5), which was previously reported
within Other, is presented as a separate line item. Additionally,
Impact of LIFO (last in, first out) and Metal price lag, which were
previously reported as separate line items, are now combined and
reported in a new line item labeled Corporate inventory accounting
(see footnote 6). Also, the impact of intersegment profit
eliminations, which was previously reported within Other, is
reported in the new Corporate inventory accounting line item. The
applicable information for all prior periods presented was recast to
reflect these changes.
|
| |
|
| (5) | |
Transformation includes, among other items, the Adjusted EBITDA of
previously closed operations.
|
| |
|
| (6) | |
Corporate inventory accounting is composed of the impacts of LIFO
inventory accounting, metal price lag, and intersegment profit
eliminations. Metal price lag describes the timing difference
created when the average price of metal sold differs from the
average cost of the metal when purchased by Alcoa Corporation’s
rolled aluminum operations. In general, when the price of metal
increases, metal price lag is favorable, and when the price of metal
decreases, metal price lag is unfavorable.
|
| |
|
| (7) | |
Corporate expenses are composed of general administrative and other
expenses of operating the corporate headquarters and other global
administrative facilities, as well as research and development
expenses of the corporate technical center.
|
| |
|
| (8) | |
Other includes items described as “Other special items” (see
footnote 2 to the reconciliation of Adjusted Income on the
Calculation of Financial Measures) that impact Cost of goods sold
and Selling, general administrative, and other expenses on Alcoa
Corporation’s Statement of Consolidated Operations.
|
| |
|
|
| |
| |
| Alcoa Corporation and subsidiaries |
| Calculation of Financial Measures (unaudited) |
| (in millions, except per-share amounts) |
| | | |
|
| Adjusted Income | | Income (Loss) | | Diluted EPS(4) |
| Quarter ended | | Quarter ended |
| March 31,
2017 |
| December 31,
2017 |
| March 31,
2018 | | March 31,
2017 |
| December 31,
2017 |
| March 31,
2018 |
| | | | | | | | | | | |
|
|
Net income (loss) attributable to Alcoa Corporation
| |
$
|
225
| | |
$
|
(196
|
)
| |
$
|
150
| | |
$
|
1.21
| |
$
|
(1.06
|
)
| |
$
|
0.80
|
| | | | | | | | | | | |
|
|
Special items:
| | | | | | | | | | | | |
|
Restructuring and other charges
| |
|
10
| | | |
297
| | | |
(19
|
)
| | | | | | |
|
Discrete tax items(1) | | |
(2
|
)
| | |
82
| | | |
(2
|
)
| | | | | | |
|
Other special items(2) | | |
(124
|
)
| | |
31
| | | |
18
| | | | | | | |
|
Tax impact(3) | | |
5
| | | |
(7
|
)
| | |
(2
|
)
| | | | | | |
|
Noncontrolling interest impact(3) | |
| 3 |
| |
| (12 |
)
| |
| – |
| | | | | | |
|
Subtotal
| |
| (108 |
)
| |
| 391 |
| |
| (5 |
)
| | | | | | |
| | | | | | | | | | | |
|
|
Net income attributable to Alcoa Corporation – as adjusted
| | $ | 117 |
| | $ | 195 |
| | $ | 145 |
| | |
0.63
| | |
1.04
| | | |
0.77
|
|
Net income attributable to Alcoa Corporation – as adjusted is a
non-GAAP financial measure. Management believes that this measure is
meaningful to investors because management reviews the operating
results of Alcoa Corporation excluding the impacts of restructuring
and other charges, discrete tax items, and other special items
(collectively, “special items”). There can be no assurances that
additional special items will not occur in future periods. To
compensate for this limitation, management believes that it is
appropriate to consider both Net income (loss) attributable to Alcoa
Corporation determined under GAAP as well as Net income attributable
to Alcoa Corporation – as adjusted.
|
|
|
| (1) |
|
Discrete tax items include the following:
|
•
| |
for the quarter ended March 31, 2017, a net benefit for several
small items;
|
•
| |
for the quarter ended December 31, 2017, a charge for a valuation
allowance related to certain non-U.S. deferred income tax assets
($60), a charge for the remeasurement of certain non-U.S. deferred
income tax assets due to a tax rate change ($16), a charge for the
remeasurement of U.S. deferred income tax assets and liabilities at
the new corporate income tax rate of 21% (from 35%) under the 2017
Tax Cuts and Jobs Act signed into law on December 22, 2017 ($22),
and a net benefit for several other items ($16); and
|
•
| |
for the quarter ended March 31, 2018, a net benefit for several
small items.
|
| |
|
| (2) | |
Other special items include the following:
|
•
| |
for the quarter ended March 31, 2017, a gain on the sale of the
Yadkin Hydroelectric Project in the United States ($120) and a net
favorable change in certain mark-to-market energy derivative
instruments ($4);
|
•
| |
for the quarter ended December 31, 2017, costs related to the
partial restart of the Warrick (Indiana) smelter ($29), a favorable
tax impact resulting from the difference between Alcoa Corporation’s
consolidated estimated annual effective tax rate and the statutory
rates applicable to special items ($13), a write-down of inventory
related to the permanent closure of the Rockdale (Texas) smelter
($6), an unfavorable tax impact related to the interim period
treatment of operational losses in certain jurisdictions for which
no tax benefit was recognized ($6), preparation and contingency
costs for a potential work stoppage (lockout commenced on January
11, 2018) at a non-U.S. smelter ($4), an additional gain on the sale
of the Yadkin Hydroelectric Project in the United States ($2), and a
net unfavorable change in certain mark-to-market energy derivative
instruments ($1); and
|
•
| |
for the quarter ended March 31, 2018, a net favorable change in
certain mark-to-market energy derivative instruments ($17), costs
related to the partial restart of the Warrick (Indiana) smelter
($16), an unfavorable tax impact resulting from the difference
between Alcoa Corporation’s consolidated estimated annual effective
tax rate and the statutory rates applicable to special items ($15),
costs, primarily contractor services, related to a work stoppage at
a non-U.S. smelter ($3), and an unfavorable tax impact related to
the interim period treatment of operational losses in certain
jurisdictions for which no tax benefit was recognized ($1).
|
| |
|
| (3) | |
The tax impact on special items is based on the applicable statutory
rates in the jurisdictions where the special items occurred. The
noncontrolling interest impact on special items represents Alcoa’s
partner’s share of certain special items.
|
|
|
| (4) | |
In any given period, the average number of shares applicable to
diluted EPS for Net income (loss) attributable to Alcoa Corporation
common shareholders may exclude certain share equivalents as their
effect is anti-dilutive. However, certain of these share equivalents
may become dilutive in the EPS calculation applicable to Net income
attributable to Alcoa Corporation common shareholders – as adjusted
due to a larger and/or positive numerator. Specifically:
|
•
| |
for the quarter ended March 31, 2017, no additional share
equivalents were dilutive based on Net income attributable to Alcoa
Corporation common shareholders – as adjusted, resulting in a
diluted average number of shares of 186,303,547;
|
•
| |
for the quarter ended December 31, 2017, share equivalents
associated with outstanding employee stock options and awards were
dilutive based on Net income attributable to Alcoa Corporation
common shareholders – as adjusted, resulting in a diluted average
number of shares of 188,027,654; and
|
•
| |
for the quarter ended March 31, 2018, no additional share
equivalents were dilutive based on Net income attributable to Alcoa
Corporation common shareholders – as adjusted, resulting in a
diluted average number of shares of 188,494,931.
|
| |
|
|
| |
| Alcoa Corporation and subsidiaries |
| Calculation of Financial Measures (unaudited), continued |
| (in millions) |
| |
|
| Adjusted EBITDA | | Quarter ended |
| March 31,
2017 |
| December 31,
2017 |
| March 31,
2018 |
| | | | | |
|
|
Net income (loss) attributable to Alcoa Corporation
| |
$
|
225
| | |
$
|
(196
|
)
| |
$
|
150
| |
| | | | | |
|
|
Add:
| | | | | | |
|
Net income attributable to noncontrolling interest
| | |
83
| | | |
140
| | | |
124
| |
|
Provision for income taxes
| | |
110
| | | |
272
| | | |
138
| |
|
Other (income) expenses, net(1) | | |
(79
|
)
| | |
30
| | | |
21
| |
|
Interest expense
| | |
26
| | | |
27
| | | |
26
| |
|
Restructuring and other charges
| | |
10
| | | |
297
| | | |
(19
|
)
|
|
Provision for depreciation, depletion, and amortization
| |
| 179 |
| |
| 187 |
| |
| 194 |
|
| | | | | |
|
|
Adjusted EBITDA(1) | | $ | 554 |
| | $ | 757 |
| | $ | 634 |
|
| | | | | |
|
|
Special items(2) | |
| – |
| |
| 39 |
| |
| 19 |
|
| | | | | |
|
|
Adjusted EBITDA, excluding special items(1) | | $ | 554 |
| | $ | 796 |
| | $ | 653 |
|
|
Alcoa’s Corporation’s definition of Adjusted EBITDA (Earnings before
interest, taxes, depreciation, and amortization) is net margin plus
an add-back for depreciation, depletion, and amortization. Net
margin is equivalent to Sales minus the following items: Cost of
goods sold; Selling, general administrative, and other expenses;
Research and development expenses; and Provision for depreciation,
depletion, and amortization. Adjusted EBITDA is a non-GAAP financial
measure. Management believes that this measure is meaningful to
investors because Adjusted EBITDA provides additional information
with respect to Alcoa Corporation’s operating performance and the
Company’s ability to meet its financial obligations. The Adjusted
EBITDA presented may not be comparable to similarly titled measures
of other companies.
|
|
|
| (1) |
|
On January 1, 2018, Alcoa Corporation adopted changes issued by the
Financial Accounting Standards Board to the presentation of net
periodic benefit cost related to pension and other postretirement
benefit plans. These changes require the non-service cost components
of net periodic benefit cost to be reported separately from the
service cost component in an entity’s income statement.
Additionally, these changes are required to be applied
retrospectively. Accordingly, previously reported amounts for Cost
of goods sold, Selling, general administrative, and other expenses,
and Other expenses (income), net on Alcoa Corporation’s Statement of
Consolidated Operations have been recast to reflect these changes.
As a result, for the quarters ended March 31, 2017 and December 31,
2017, Other (income) expenses, net changed by $21. Moreover,
previously reported amounts for Adjusted EBITDA and Adjusted EBITDA,
excluding special items have been updated to reflect these changes.
See footnote 1 to the Statement of Consolidated Operations for
additional information.
|
| |
|
| (2) | |
Special items include the following (see reconciliation of Adjusted
Income above for additional information):
|
•
| |
for the quarter ended December 31, 2017, costs related to the
partial restart of the Warrick (Indiana) smelter ($29), a write-down
of inventory related to the permanent closure of the Rockdale
(Texas) smelter ($6), and preparation and contingency costs for a
potential work stoppage (lockout commenced on January 11, 2018) at a
non-U.S. smelter ($4); and
|
•
| |
for the quarter ended March 31, 2018, costs related to the partial
restart of the Warrick (Indiana) smelter ($16) and costs, primarily
contractor services, related to a work stoppage at a non-U.S.
smelter ($3).
|
| |
|
|
| |
| Alcoa Corporation and subsidiaries |
| Calculation of Financial Measures (unaudited), continued |
| (in millions) |
| |
|
| Free Cash Flow | | Quarter ended |
| March 31,
2017 |
| December 31,
2017 |
| March 31,
2018 |
| | | | | |
|
|
Cash from operations
| |
$
|
74
| | |
$
|
455
| | |
$
|
55
| |
| | | | | |
|
|
Capital expenditures
| |
| (71 |
)
| |
| (150 |
)
| |
| (74 |
)
|
| | | | | |
|
| | | | | |
|
|
Free cash flow
| | $ | 3 |
| | $ | 305 |
| | $ | (19 |
)
|
|
Free Cash Flow is a non-GAAP financial measure. Management believes
that this measure is meaningful to investors because management
reviews cash flows generated from operations after taking into
consideration capital expenditures, which are both necessary to
maintain and expand Alcoa Corporation’s asset base and expected to
generate future cash flows from operations. It is important to note
that Free Cash Flow does not represent the residual cash flow
available for discretionary expenditures since other
non-discretionary expenditures, such as mandatory debt service
requirements, are not deducted from the measure.
|
|
|
| Net Debt |
| December 31,
2017 |
| March 31,
2018 |
| | | |
|
|
Short-term borrowings
| |
$
|
8
| |
$
|
–
|
|
Long-term debt due within one year
| | |
16
| | |
15
|
|
Long-term debt, less amount due within one year
| |
| 1,388 | |
| 1,445 |
|
Total debt
| |
$
|
1,412
| |
$
|
1,460
|
| | | |
|
|
Less: Cash and cash equivalents
| |
| 1,358 | |
| 1,196 |
| | | |
|
|
Net debt
| | $ | 54 | | $ | 264 |
|
Net debt is a non-GAAP financial measure. Management believes that
this measure is meaningful to investors because management assesses
Alcoa Corporation’s leverage position after considering available
cash that could be used to repay outstanding debt.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180418006272/en/
Alcoa Corporation
Investor Contact:
James Dwyer, +1
412-992-5450
James.Dwyer@alcoa.com
or
Media
Contact:
Monica Orbe, +1 412-315-2896
Monica.Orbe@alcoa.com
Source: Alcoa Corporation