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Alcoa slides after tightening full-year EBITDA guidance

Published 07/19/2017, 06:42 PM
© Reuters.  Alcoa slides after tightening full-year EBITDA guidance
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  • Alcoa (NYSE:AA) -2.6% AH despite beating Q2 earnings estimates, maintaining solid profitability despite lower alumina pricing.
  • But AA tightens its outlook for FY 2017 adjusted EBITDA to $2.1B-$2.2B from an earlier $2.1B-$2.3B, and now expects negative $50M in net performance for the full year, citing higher input costs driven by strength in the global aluminum market.
  • For Q2, adjusted EBITDA totaled $483M, down 9% Q/Q, mainly due to lower alumina prices, which rebounded late in the quarter.
  • AA raises its 2017 forecast for global aluminum demand growth to 4.75%-5.25%, up from a prior outlook of 4.5%-5%.
  • Now read: Arconic: Betting On Activism

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