Alcoa Misses Q1 Estimates As Shipment Delays And Lower Volumes Impact Results, Shares Drop 7%

Alcoa Corporation (NYSE:AA) reported first-quarter results that fell short of analyst expectations, with shares declining more than 7% intraday Friday following the release.

The company posted adjusted earnings per share of $1.40, missing the consensus estimate of $1.47. Revenue came in at $3.19 billion, below the $3.3 billion forecast and down 5% from $3.37 billion in the prior-year period.

Alumina shipments declined 31% sequentially, driven by reduced external sourcing, typical seasonal weakness in the first quarter, and delays in Australia linked to the Middle East conflict and Cyclone Narelle. Aluminum shipments decreased 8% sequentially due to inventory repositioning in North America and reduced trading activity.

Adjusted EBITDA excluding special items increased to $595 million from $527 million in the prior quarter, supported by higher aluminum prices.

Alcoa maintained its full-year 2026 production outlook, expecting alumina production between 9.7 million and 9.9 million metric tons and aluminum production between 2.4 million and 2.6 million metric tons.

The company ended the quarter with $1.4 billion in cash and announced plans to redeem the remaining $219 million of its 6.125% senior notes due 2028 in May.