Alcoa Beats Q3 EPS Expectations, Rides Alumina Price Surge Despite Production Hiccups
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 17 2024
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Source: Benzinga
Alcoa's Financial Performance: Alcoa Corporation reported third quarter sales of $2.904 billion, missing expectations, while adjusted EPS of $0.57 exceeded the consensus. Alumina production fell 4%, but aluminum production rose 3%, with a cash balance of $1.3 billion at quarter-end.
Future Outlook and Agreements: The company maintains its alumina production forecast for 2024 and has entered a long-term agreement to supply Aluminium Bahrain B.S.C. with up to 16.5 million tonnes of alumina over ten years, while also announcing a strategic cooperation agreement to support operations at its San Ciprián facilities.
Analyst Views on PWER
Wall Street analysts forecast PWER stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PWER is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
