Alcoa Corp (NYSE:AA) announced its fourth-quarter earnings for 2023. Despite surpassing expectations in earnings per share (EPS), the aluminum producer underperformed in terms of adjusted EBITDA.
The company reported a narrower-than-expected fourth-quarter loss of $0.56 per share, compared to the anticipated loss of $0.84 per share by analysts. Alcoa’s revenue matched the consensus estimate, coming in at $2.6 billion.
However, the company’s adjusted EBITDA for the quarter was $89 million, which, although an improvement from $29 million in the same period last year, fell short of Wall Street’s expectations of $110.7 million. Specifically, aluminum adjusted EBITDA was reported at $88 million, up from last year’s $31 million but below the analyst forecast of $97.8 million.
Looking ahead to the first quarter of 2024, Alcoa anticipates that its Alumina Segment’s adjusted EBITDA will be negatively impacted by approximately $15 million. This is attributed to higher maintenance costs and reduced shipments in Australia, as per the company’s statement.