Alcoa (NYSE: AA) shares rose around 2.9% after the close on Thursday, following third-quarter results from the aluminium and alumina producer. Net income attributable to shareholders was $483m, or $1.81 a share, against $232m, or $0.88, a year earlier.
The results came out at 4:12 pm Eastern. In regular trading today, the stock had already risen 0.9% to $40.42.
Adjusted net income, which strips out one-off items, was $485m, or $1.82 a share. That compares with $562m, or $2.12, in the second quarter and an adjusted loss of $6m a year ago. Revenue was $3,704m, down 7% from the second quarter’s $3,966m but up from $2,995m.
Adjusted EBITDA excluding special items was $789m, down $112m from $901m last quarter and far above $270m a year earlier.
Lower aluminium prices and shipments outweighed cheaper production and higher alumina prices. The average realised aluminium price was $4,527 a tonne, from $4,752 in the second quarter and $3,374 a year ago.
The Aluminum segment earned $862m of adjusted EBITDA, down from $1,073m in the second quarter, while Alumina was close to break-even at a $1m loss. Free cash flow was $472m, and net debt fell to $414m from $851m in December 2025.
“During the third quarter, we advanced the AliGroup acquisition, delivered improved refinery performance, and increased production across our smelting portfolio.”
William F. Oplinger, Alcoa chief executive
Aluminium output rose 2% to 649,000 tonnes, a sixth consecutive quarterly increase, and alumina production climbed 11% to 2.5m tonnes. South32 shareholders approved the AliGroup deal today. It is worth about $3.1bn in cash, with completion expected in the first half of 2027.
Alcoa completed $2.6bn of notes on the 23rd of September to fund the cash consideration, and now expects full-year interest expense of around $185m, up from its prior projection. It has also signed agreements to sell portions of its Massena East site, with potential proceeds of up to $315m.
The company reaffirmed its 2026 production and shipment targets. For the fourth quarter it expects the Aluminum segment to be about $30m worse on raw material costs and maintenance. A conference call starts at 5pm Eastern today.