- Revenues estimates ranged from $2.45B to $2.52B
- EBITDA $346M vs $334.3m expected
- Loss per share of 33-cents vs 21-cent estimate (31-cents ex-items)
- Alcoa sees 2020 global aluminum demand +1.4-2.4%
- Final 2019 aluminum demand -0.4% to -0.2% vs -0.4 to -0.6% AA estimate
- Expects 2020 global aluminum surplus between 600K to 1m metric tons
- Full year 2019 net loss of $1.125 billion or $6.07 per share
- Full year adjusted loss of $184m
In October, the CEO said he expected a big rebound in aluminum demand this year. At the time he said the global economy “will come roaring back once this uncertainty is behind us.” I wouldn’t say 1.4-2.4% will cut it. At some point global growth will have to pickup or there will be more plant closures and factory layoffs.
Shares are down to $19.73 from $20.18 in the after-market.