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Alcoa (AA) Q2 FY2024 earnings: revenue $2.9 billion, up 8.3% on the year

Alcoa Corp. (AA) reported revenue of $2.9 billion for Q2 FY2024, the quarter ended 30 June 2024, up 8.3% on the same quarter a year earlier. Net income was $20 million, and diluted earnings per share $0.11. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2024.

Revenue$2.9 billionup 8.3%
Net income$20 million
Diluted EPS$0.11
QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Revenue2,9062,599n/an/a
Cost of revenue2,5332,404n/an/a
Gross profit373195n/an/a
Gross margin12.8%7.5%n/a
Research and development13.011.0n/an/a
Selling, general and administrative69.060.0n/an/a
Interest expense40.027.0n/an/a
Pre-tax income92.0-325n/an/a
Income tax61.0-18.0n/an/a
Effective tax rate66.3%n/an/a
Net income20.0-252n/an/a
Net margin0.7%-9.7%n/a
Diluted EPS$0.11-$1.41n/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Operating cash flow287-223n/an/a
Capital expenditure164101n/an/a
Free cash flow123-324n/an/a
Free cash flow margin4.2%-12.5%n/a
Cash from investing-164-117n/an/a
Cash from financing-75.0754n/an/a
Depreciation and amortisation163161n/an/a
Share-based compensation12.010.0n/an/a
Dividends paid18.019.0n/an/a
Dividend per share$0.10$0.10n/an/a
Diluted shares, weighted181m179mn/an/a
Shares outstanding at period endn/a180mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Shareholders' equity3,8993,994n/an/a
Non-controlling interest1,5171,540n/an/a
Short-term borrowings31.052.0n/an/a
Debt2,4692,469n/an/a
Other liabilities6,3916,273n/an/a
Total liabilities and equity14,30714,328n/an/a
Fixed assets6,5036,577n/an/a
Goodwill144146n/an/a
Cash and equivalents1,3961,358n/an/a
Receivables939869n/an/a
Inventory1,9752,048n/an/a
Other assets3,3503,330n/an/a
Total assets14,30714,328n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,6022,5952,5992,9062,9043,4863,3693,0182,9953,4493,1933,966
Cost of revenue2,4692,4252,4042,5332,3932,7142,4382,6522,6952,8732,5122,967
Gross profit133170195373511772931366300576681999
Gross margin5%7%8%13%18%22%28%12%10%17%21%25%
R&D9.014.011.013.016.017.012.012.011.0-11.010.011.0
SG&A56.064.060.069.066.080.071.082.078.068.083.0101
Interest expense26.028.027.040.044.045.053.056.033.016.035.036.0
Pre-tax income-228-77.0-32592.018433866816116768.0499482
Tax raten/an/an/a66%47%40%18%6%-31%-197%16%15%
Net income-168-150-25220.090.0202548164232213425407
Net margin-6%-6%-10%1%3%6%16%5%8%6%13%10%
Diluted EPS-$0.94-$0.84-$1.41$0.11$0.38$0.76$2.07$0.62$0.88$0.80$1.60$1.53
Operating cash flow69.0198-22328714341575.048885.0537-179608
Capital expenditure14518810116414616993.0131151243119186
Free cash flow-76.010.0-324123-3.0246-18.0357-66.0294-298422
Dividends paid18.018.019.018.026.026.026.026.026.026.027.026.0
Shares outstanding178m178m180mn/an/a258mn/an/an/a263m264m264m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 2 August 2024, accession 0000950170-24-090092: the filing on EDGAR. All of Alcoa Corp.'s filings: EDGAR company page.

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