Alcoa Corp (NYSE:AA) reported weaker-than-expected fourth-quarter results. The company said it expects lower quarterly results in the bauxite segment due to lower pricing and seasonally lower volumes.
The Pittsburgh-based aluminum giant said Wednesday fiscal 2019 produced a net loss of $1,125 million, or $6.07 per share, and adjusted net loss of $184 million, or $0.99 per share
Adjusted EBITDA excluding special items proved to be $1.66 billion.
Revenue was $10.4 billion. $686 million cash from operations; free cash flow of $307 million. Net pension and other post-retirement employee benefits liability of $2.4 billion at December 31, 2019, up $40 million from year-end 2018
In the fourth quarter, Alcoa reported a net loss of $303 million, or $1.63 per share, in the fourth quarter of 2019 compared with a net loss of $221 million, or $1.19 per share, in the third quarter of 2019.
In the fourth quarter of 2019, the Company took several actions in alignment with its strategic priorities, including taking the first steps in a multi-year portfolio review and continuing work to strengthen the balance sheet.
The announced closure of the Point Comfort alumina refinery in Texas and additional actions taken on pension and other post-employment benefits were the primary drivers of the $246 million in special items for the fourth quarter of 2019.
According to CEO Roy Harvey, "While the market in alumina and aluminum challenged us, we maintained a strong cash balance of nearly $900 million and drove operational stability.
"Also, our low-cost, top-tier bauxite and alumina segments both set new annual production records based on our current portfolio."
Shares careened lower $1.48, or 7.3%, to $18.70
