Alcoa Corporation Reports Second Quarter 2019 Results

Actions in Aluminum segment further strengthen Company  

  • Net loss of $402 million, or $2.17 per share
  • Excluding special items, adjusted net loss of $2 million, or $0.01 per share
  • $455 million of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) excluding special items
  • Revenue of $2.7 billion
  • $82 million cash from operations; negative free cash flow of $7 million
  • $834 million cash balance and $1.8 billion of debt, for net debt of $1.0 billion, as of June 30, 2019

PITTSBURGH–(BUSINESS WIRE)–Alcoa Corporation (NYSE: AA), a global leader in bauxite, alumina, and aluminum products, today reported second quarter 2019 results that include several actions to improve the Aluminum segment’s portfolio and further strengthen the Company.


M, except per share amounts

2Q181

1Q19

2Q19

 

 

Revenue

$3,579

$2,719

$2,711

 

 

Net income (loss) attributable to Alcoa Corporation

$10

$(199)

$(402)

 

 

Earnings (loss) per share attributable to Alcoa Corporation

$0.05

$(1.07)

$(2.17)

 

 

Adjusted net income (loss)

$221

$(43)

$(2)

 

 

Adjusted earnings (loss) per share

$1.17

$(0.23)

$(0.01)

 

 

Adjusted EBITDA excluding special items

$783

$467

$455

 

 

1

As of January 1, 2019, the Company changed its accounting method for valuing certain inventories from last-in, first-out (LIFO) to average cost. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented. See Exhibit 99.2 to the Company’s Form 8-K filed with the Securities and Exchange Commission (SEC) on April 17, 2019, which illustrates the effects of the change in accounting principle to 2018 interim and full year financial information.

 

“In the second quarter, our Aluminum segment rebounded despite weaker metal prices, and we reported a solid cash balance, even after sizeable cash outlays,” said President and Chief Executive Officer Roy Harvey. “We also maintained strong operational performance across all of our businesses.”

Harvey continued: “In addition, we successfully divested our minority interest in the Saudi joint venture rolling mill, and we made significant progress on other initiatives to reduce losses and increase Company profits. As we enter the second half of the year, we’ll continue to navigate through this market cycle with a sustained focus on safety and operational excellence, finding new ways to further improve the business.”

Alcoa reported a net loss of $402 million, or $2.17 per share for the second quarter 2019, compared to a net loss of $199 million, or $1.07 per share, in the first quarter of 2019.

The second quarter results include the impact of $400 million of special items, including $319 million from the divestiture of Alcoa’s interest in the Ma’aden Rolling Company (MRC) in Saudi Arabia and $81 million in other special items.

Excluding the impact of special items, second quarter 2019 adjusted net loss improved sequentially $41 million to an adjusted net loss of $2 million, or $0.01 per share.

In the second quarter, Alcoa reported adjusted EBITDA excluding special items of $455 million, down slightly from the prior quarter, primarily due to lower pricing for both alumina and aluminum that was partially offset by higher energy sales and lower costs for raw materials.

Alcoa reported second quarter revenue of $2.7 billion, which is flat sequentially.

Alcoa ended the quarter with cash on hand of $834 million and debt of $1.8 billion, for net debt of $1.0 billion.

In the second quarter, cash from operations was $82 million, which reflects payments of $306 million for prior year income taxes. Cash used for financing activities was $71 million and cash used for investing activities was $199 million, which included contributions totaling $100 million made as part of the MRC divestiture. Free cash flow was negative $7 million.

The Company reported 31 days working capital, a four-day increase year-over-year, primarily due to lower revenues, but improved four days sequentially.

To strengthen the Company, Alcoa:

  • Divested its 25.1 percent minority interest in MRC, releasing the Company from all future MRC obligations, including Alcoa’s sponsor support of MRC debt, and its share of any future MRC cash contributions. Alcoa continues to hold its interests in the Ma’aden joint venture’s bauxite mining, alumina refining and aluminum smelting businesses.
  • Reached two new competitive labor agreements at smelters in Québec, Canada—the first at Baie Comeau; the second at Aluminerie de Bécancour (ABI), ending an 18-month labor dispute. The full restart of ABI is expected to begin on July 26, 2019, and be complete in the second quarter of 2020. The Company expects to record special items associated with restart expenses to range between $30 million and $35 million (after-tax), or $0.16 and $0.19 per share, each in the second half of 2019 and in the first half of 2020.
  • Implemented plans to upgrade the Deschambault smelter in Québec to increase production approximately 10 percent by the end of 2021. Alcoa will receive a non-refundable contribution of up to $10 million (CAD) from Canada’s Strategic Innovation Fund to offset costs for the $85 million (CAD) project, expected to be complete in 2021.
  • Reached a conditional agreement on July 5 to divest the Avilés and La Coruña aluminum plants in Spain. If the acquisition by PARTER Capital Group AG cannot be completed by July 31, 2019, the collective dismissal and social plan are expected to go into effect on August 1, 2019. Alcoa expects to record restructuring-related charges in the third quarter of 2019, estimated to range from $100 million to $140 million (pre- and after-tax), or $0.54 to $0.75 per share, depending on whether an acquisition or collective dismissal occurs. Related cash outlays are expected to be approximately $100 million to $130 million, with approximately half to be paid in 2019.

2019 Outlook

The Company’s 2019 shipment outlook for Bauxite, Alumina and Aluminum remains unchanged from the prior full-year estimates. Total annual bauxite shipments are expected to range between 47.0 and 48.0 million dry metric tons. Total alumina shipments are projected between 13.6 and 13.7 million metric tons with anticipated operational improvements and higher year-on-year production. Aluminum shipments are expected to be between 2.8 and 2.9 million metric tons.

In the third quarter of 2019, Alcoa expects benefits from higher volumes and lower costs for raw materials and maintenance in the Alumina and Bauxite segments. In the Aluminum segment, the Company expects improvements primarily from lower alumina costs.

Market Update

For full-year 2019, Alcoa continues to project a global aluminum deficit, ranging between 1.0 million and 1.4 million metric tons, down from last quarter’s estimate of a deficit between 1.5 million and 1.9 million metric tons.

Global aluminum demand growth for 2019 is estimated to range between 1.25 percent and 2.25 percent, down from 2 percent to 3 percent in the previous quarter, driven by lower demand in both China and the world ex-China due to trade tensions and macroeconomic headwinds. Even so, aluminum inventories, measured in days of consumption, continue to decline and are expected by year’s end to reach levels not seen in more than a decade, since before the Global Financial Crisis in 2008.

In the alumina market, Alcoa projects a global surplus for 2019, ranging between 500 thousand metric tons and 1.3 million metric tons, up from last quarter’s estimate of 200 thousand metric tons to 1 million metric tons. Environmentally-driven Chinese alumina curtailments were outweighed by the combination of a refinery restart in the Atlantic region and lower alumina demand from worldwide smelting production.

The third-party, seaborne bauxite market is expected to have a larger surplus in 2019 ranging between 13 million and 17 million metric tons, an increase from the previous quarter’s full-year estimate of 8 million to 12 million metric tons. The increase is due to higher production in Guinea and Southeast Asia, which is only partially offset by higher demand in China.

Conference Call

Alcoa will hold its quarterly conference call at 5 p.m. Eastern Daylight Time (EDT) on Wednesday, July 17, 2019, to present second-quarter financial results and discuss the business and market conditions.

The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on July 17, 2019. Call information and related details are available under the “Investors” section of www.alcoa.com.

Dissemination of Company Information

Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com.

About Alcoa Corporation

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina, and aluminum products, and is built on a foundation of strong values and operating excellence dating back more than 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.

Forward-Looking Statements

This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results or operating performance; statements about strategies, outlook, and business and financial prospects; and statements about return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, for primary aluminum and other products, and fluctuations in indexed-based and spot prices for alumina; (b) deterioration in global economic and financial market conditions generally and which may also affect Alcoa Corporation’s ability to obtain credit or financing upon acceptable terms; (c) unfavorable changes in the markets served by Alcoa Corporation; (d) the impact of changes in foreign currency exchange and tax rates on costs and results; (e) increases in energy costs or uncertainty of energy supply; (f) declines in the discount rates used to measure pension liabilities or lower-than-expected investment returns on pension assets, or unfavorable changes in laws or regulations that govern pension plan funding; (g) the inability to achieve improvement in profitability and margins, cost savings, cash generation, revenue growth, fiscal discipline, or strengthening of competitiveness and operations anticipated from operational and productivity improvements, cash sustainability, technology advancements, and other initiatives; (h) the inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, facility closures, curtailments, restarts, expansions, or joint ventures; (i) political, economic, trade, legal, and regulatory risks in the countries in which Alcoa Corporation operates or sells products; (j) labor disputes and/or and work stoppages; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (l) the impact of cyberattacks and potential information technology or data security breaches; and (m) the other risk factors discussed in Item 1A of Alcoa Corporation’s Form 10-K for the fiscal year ended December 31, 2018 and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission (SEC). Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks described above and other risks in the market.

Non-GAAP Financial Measures

Some of the information included in this release is derived from Alcoa Corporation’s consolidated financial information but is not presented in Alcoa Corporation’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC regulations. Alcoa Corporation believes that the presentation of non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.

Alcoa Corporation and subsidiaries

Statement of Consolidated Operations (unaudited)

(dollars in millions, except per-share amounts)

 

 

Quarter Ended

 

 

 

June 30,

2018

 

March 31,

2019

 

June 30,

2019

Sales

 

$

3,579

 

 

$

2,719

 

 

$

2,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold (exclusive of expenses below)(1)

 

 

2,753

 

 

 

2,180

 

 

 

2,189

 

Selling, general administrative, and other expenses

 

 

64

 

 

 

84

 

 

 

68

 

Research and development expenses

 

 

9

 

 

 

7

 

 

 

7

 

Provision for depreciation, depletion, and amortization

 

 

192

 

 

 

172

 

 

 

174

 

Restructuring and other charges, net

 

 

231

 

 

 

113

 

 

 

370

 

Interest expense

 

 

32

 

 

 

30

 

 

 

30

 

Other expenses, net

 

 

9

 

 

 

41

 

 

 

50

 

Total costs and expenses

 

 

3,290

 

 

 

2,627

 

 

 

2,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

289

 

 

 

92

 

 

 

(177

)

Provision for income taxes(1)

 

 

158

 

 

 

150

 

 

 

116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)(1)

 

 

131

 

 

 

(58

)

 

 

(293

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest(1)

 

 

121

 

 

 

141

 

 

 

109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO ALCOA CORPORATION(1)

 

$

10

 

 

$

(199

)

 

$

(402

)

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

0.05

 

 

$

(1.07

)

 

$

(2.17

)

Average number of shares

 

 

186,398,784

 

 

 

185,325,040

 

 

 

185,533,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

0.05

 

 

$

(1.07

)

 

$

(2.17

)

Average number of shares

 

 

188,708,013

 

 

 

185,325,040

 

 

 

185,533,936

 

(1)

As of January 1, 2019, the Company changed its accounting method for valuing certain inventories from LIFO to average cost. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented. See Exhibit 99.2 to the Company’s Form 8-K filed with the SEC on April 17, 2019, which illustrates the effects of the change in accounting principle to 2018 interim and full year financial information.

Alcoa Corporation and subsidiaries

Statement of Consolidated Operations (unaudited), continued

(dollars in millions, except per-share amounts)

 

 

Six months ended

 

 

June 30, 2018

 

June 30, 2019

Sales

 

$

6,669

 

 

$

5,430

 

 

 

 

 

 

 

 

 

 

Cost of goods sold (exclusive of expenses below)(1)

 

 

5,055

 

 

 

4,369

 

Selling, general administrative, and other expenses

 

 

131

 

 

 

152

 

Research and development expenses

 

 

17

 

 

 

14

 

Provision for depreciation, depletion, and amortization

 

 

386

 

 

 

346

 

Restructuring and other charges, net

 

 

212

 

 

 

483

 

Interest expense

 

 

58

 

 

 

60

 

Other expenses, net

 

 

30

 

 

 

91

 

Total costs and expenses

 

 

5,889

 

 

 

5,515

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

780

 

 

 

(85

)

Provision for income taxes(1)

 

 

309

 

 

 

266

 

 

 

 

 

 

 

 

 

 

Net income (loss)(1)

 

 

471

 

 

 

(351

)

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interest(1)

 

 

266

 

 

 

250

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO ALCOA CORPORATION(1)

 

$

205

 

 

$

(601

)

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS:

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

1.10

 

 

$

(3.24

)

Average number of shares

 

 

186,163,441

 

 

 

185,416,620

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

1.09

 

 

$

(3.24

)

Average number of shares

 

 

188,626,057

 

 

 

185,416,620

 

 

 

 

 

 

 

 

 

 

Common stock outstanding at the end of the period

 

 

186,468,950

 

 

 

185,546,772

 

(1)

As of January 1, 2019, the Company changed its accounting method for valuing certain inventories from LIFO to average cost. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented. See Exhibit 99.2 to the Company’s Form 8-K filed with the SEC on April 17, 2019, which illustrates the effects of the change in accounting principle to 2018 interim and full year financial information.

Alcoa Corporation and subsidiaries

Consolidated Balance Sheet (unaudited)

(in millions)

 

 

December 31,

2018

 

June 30,

2019

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,113

 

 

$

834

 

Receivables from customers

 

 

830

 

 

 

684

 

Other receivables

 

 

173

 

 

 

203

 

Inventories(1)

 

 

1,819

 

 

 

1,767

 

Fair value of derivative instruments

 

 

73

 

 

 

80

 

Prepaid expenses and other current assets(1),(2)

 

 

320

 

 

 

250

 

Total current assets

 

 

4,328

 

 

 

3,818

 

Properties, plants, and equipment

 

 

21,807

 

 

 

22,126

 

Less: accumulated depreciation, depletion, and amortization

 

 

13,480

 

 

 

13,853

 

Properties, plants, and equipment, net

 

 

8,327

 

 

 

8,273

 

Investments

 

 

1,360

 

 

 

1,141

 

Deferred income taxes

 

 

560

 

 

 

599

 

Fair value of derivative instruments

 

 

82

 

 

 

55

 

Other noncurrent assets

 

 

1,475

 

 

 

1,463

 

Total assets

 

$

16,132

 

 

$

15,349

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable, trade

 

$

1,663

 

 

$

1,523

 

Accrued compensation and retirement costs

 

 

400

 

 

 

409

 

Taxes, including income taxes

 

 

426

 

 

 

100

 

Fair value of derivative instruments

 

 

82

 

 

 

71

 

Other current liabilities

 

 

347

 

 

 

427

 

Long-term debt due within one year

 

 

1

 

 

 

1

 

Total current liabilities

 

 

2,919

 

 

 

2,531

 

Long-term debt, less amount due within one year

 

 

1,801

 

 

 

1,804

 

Accrued pension benefits

 

 

1,407

 

 

 

1,388

 

Accrued other postretirement benefits

 

 

868

 

 

 

835

 

Asset retirement obligations

 

 

529

 

 

 

529

 

Environmental remediation

 

 

236

 

 

 

237

 

Fair value of derivative instruments

 

 

261

 

 

 

506

 

Noncurrent income taxes

 

 

301

 

 

 

320

 

Other noncurrent liabilities and deferred credits

 

 

222

 

 

 

340

 

Total liabilities

 

 

8,544

 

 

 

8,490

 

EQUITY

 

 

 

 

 

 

 

 

Alcoa Corporation shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

2

 

 

 

2

 

Additional capital

 

 

9,611

 

 

 

9,629

 

Retained earnings (deficit)(1)

 

 

570

 

 

 

(31

)

Accumulated other comprehensive loss

 

 

(4,565

)

 

 

(4,705

)

Total Alcoa Corporation shareholders’ equity

 

 

5,618

 

 

 

4,895

 

Noncontrolling interest(1)

 

 

1,970

 

 

 

1,964

 

Total equity

 

 

7,588

 

 

 

6,859

 

Total liabilities and equity

 

$

16,132

 

 

$

15,349

 

(1)

As of January 1, 2019, the Company changed its accounting method for valuing certain inventories from LIFO to average cost. The effects of the change in accounting principle have been retrospectively applied to the prior period presented. See Exhibit 99.2 to the Company’s Form 8-K filed with the SEC on April 17, 2019, which illustrates the effects of the change in accounting principle to 2018 interim and full year financial information.

(2)

This line item includes $3 of restricted cash as of both December 31, 2018 and June 30, 2019.

Alcoa Corporation and subsidiaries

Statement of Consolidated Cash Flows (unaudited)

(in millions)

 

 

Six Months Ended June 30,

 

 

2018

 

2019

CASH FROM OPERATIONS

 

 

 

 

 

 

 

 

Net income (loss)(1)

 

$

471

 

 

$

(351

)

Adjustments to reconcile net income (loss) to cash from operations:

 

 

 

 

 

 

 

 

Depreciation, depletion, and amortization

 

 

387

 

 

 

346

 

Deferred income taxes(1)

 

 

(40

)

 

 

64

 

Equity earnings, net of dividends

 

 

(11

)

 

 

14

 

Restructuring and other charges, net

 

 

212

 

 

 

483

 

Net gain from investing activities – asset sales

 

 

(3

)

 

 

(1

)

Net periodic pension benefit cost

 

 

81

 

 

 

60

 

Stock-based compensation

 

 

20

 

 

 

21

 

Provision for bad debt expense

 

 

 

 

 

20

 

Other

 

 

(32

)

 

 

24

 

Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:

 

 

 

 

 

 

 

 

(Increase) Decrease in receivables

 

 

(209

)

 

 

94

 

(Increase) Decrease in inventories(1)

 

 

(225

)

 

 

53

 

(Increase) Decrease in prepaid expenses and other current assets

 

 

(8

)

 

 

68

 

(Decrease) in accounts payable, trade

 

 

(105

)

 

 

(144

)

(Decrease) in accrued expenses

 

 

(243

)

 

 

(51

)

Increase (Decrease) in taxes, including income taxes

 

 

101

 

 

 

(342

)

Pension contributions(2)

 

 

(692

)

 

 

(55

)

(Increase) in noncurrent assets

 

 

(49

)

 

 

(32

)

(Decrease) in noncurrent liabilities

 

 

(30

)

 

 

(21

)

CASH (USED FOR) PROVIDED FROM OPERATIONS

 

 

(375

)

 

 

250

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Additions to debt (original maturities greater than three months)(2)

 

 

553

 

 

 

 

Payments on debt (original maturities greater than three months)

 

 

(7

)

 

 

 

Proceeds from the exercise of employee stock options

 

 

22

 

 

 

1

 

Contributions from noncontrolling interest

 

 

109

 

 

 

21

 

Distributions to noncontrolling interest

 

 

(385

)

 

 

(286

)

Other

 

 

(6

)

 

 

(6

)

CASH PROVIDED FROM (USED FOR) FINANCING ACTIVITIES

 

 

286

 

 

 

(270

)

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(169

)

 

 

(158

)

Proceeds from the sale of assets

 

 

 

 

 

11

 

Additions to investments

 

 

(5

)

 

 

(111

)

CASH USED FOR INVESTING ACTIVITIES

 

 

(174

)

 

 

(258

)

 

 

 

 

 

 

 

 

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(7

)

 

 

(1

)

Net change in cash and cash equivalents and restricted cash

 

 

(270

)

 

 

(279

)

Cash and cash equivalents and restricted cash at beginning of year

 

 

1,365

 

 

 

1,116

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

 

$

1,095

 

 

$

837

 

Contacts

Investor Contact:

James Dwyer

+1 412 992 5450

James.Dwyer@alcoa.com

Media Contact:

Monica Orbe

+1 412 315 2896

Monica.Orbe@alcoa.com

Read full story here

error: Content is protected !!