Alcoa edges lower after missing Q3 earnings, raising 2017 EBITDA outlook [Seeking Alpha]
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: Seeking Alpha
Alcoa edges lower after missing Q3 earnings, raising 2017 EBITDA outlookAlcoa (NYSE:AA)-0.4% after-hours following a mixedQ3 earnings report that showed EPS short of expectations alongside in-line revenues, as well as higher FY 2017 EBITDA guidance.Alcoa says Q3 adjusted EBITDA totaled $561M, up 16% Q/Q from $483M, driven by higher energy sales in Brazil, improved aluminum pricing and increased shipments for aluminum and bauxite.Based on stronger alumina and aluminum prices, Alcoa raises its projection for full-year adjusted EBITDA to ~$2.4B, up from the $2.1B-$2.2B range projected during Q2.Alcoa continues to see strong global aluminum demand growth and hikes its full-year estimate to a 5%-5.5% range from 4.75%-5.25% in Q2, mostly due to planned and actual curtailments in Chinese smelting capacity as well as increased Chinese demand.Now read:Ferroglobe: Earnings Shifting Into High Gear »
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