Alcoa reports Q2 beat, provides outlook

Alcoa (NYSE:) reported its , with EPS of ($0.35) coming in better than the consensus estimate of ($0.52).

Revenue grew 1% sequentially to $2.68 billion, with higher shipments in both the Alumina and Aluminum segments, which partially offset lower average realized third-party prices for alumina and aluminum of 2% and 5%, respectively. The consensus estimate stood at $2.67B.

“We expect to see financial improvement in the third quarter of 2023 as the Alumina and Aluminum segments are both forecast to have reduced costs for raw materials and production,” said Alcoa CEO Roy Harvey.

For the fiscal 2023 year, the company expects total alumina and aluminum shipments to remain unchanged at 12.7 million-12.9M metric tons and 2.5M-2.6M metric tons, respectively.