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Alcoa Corporation (AA) Q1 2023 Earnings Call Transcript

Apr. 19, 2023 8:56 PM ETAlcoa Corporation (AA)3 Comments
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Alcoa Corporation (NYSE:AA) Q1 2023 Results Conference Call April 19, 2023 5:00 PM ET

Company Participants

James Dwyer - VP, IR

Roy Harvey - President and CEO

Molly Beerman - EVP and CFO

Conference Call Participants

Michael Dudas - Vertical Research

Lucas Pipes - B. Riley Securities

Timna Tanners - Wolfe Research

John Tumazos - Tumazos Very Independent Research

Carlos De Alba - Morgan Stanley

Emily Chieng - Goldman Sachs

Alex Hacking - Citi

Lawson Winder - Bank of America Securities


Good afternoon, and welcome to the Alcoa Corporation First Quarter 2023 Earnings Presentation and Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to James Dwyer, Vice President of Investor Relations. Please go ahead.

James Dwyer

Thank you, and good day, everyone.

I’m joined today by Roy Harvey, Alcoa Corporation President and Chief Executive Officer; and Molly Beerman, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Roy and Molly.

As a reminder, today’s discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the Company’s actual results to differ materially from these statements are included in today’s presentation and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today’s presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced, the earnings release and slide presentation are available on our website.

With that, here’s Roy.

Roy Harvey

Thanks, Jim, and thank you to everyone for joining our call.

We are joined today by our new Executive Vice President and

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Comments (3)

Russia inventory at LME to the tune of 53% is a big alarm for Aluminium prices forecast. CEO was a crying baby on call . Ebitda is going down hill
@GuptaStocks.com Aside from the issue of Russian inventory, LME's inventory has been an issue for years. 10 or more.
Anyone reading the last 80 - 100 last conference calls or the 10Q's and 10K's would notice a number of similarities. promises, forecasts, problems with operations, shutting down, (and more shutting down, then more shutting down) of ops. Always the one-off "special charges", which mask the true losses, the joke of spinning off of it's downstream operations, Arconic, which now is apparently being taken private, a joke of a dividend. AA is a mere shadow of what it was

The current problems with Alumar, for example its pots, are the result of lack of, as per the norm, competent operations of the on site management. I believe AA had the same or similar problem with the Massena pots twenty years ago!

I believe both Massena plants are now shuttered, although they had an extraordinary cheap long term power contract with the Power Authority of the State of New York. Again, I believe 1- 2 cents a KWH! An enormous advantage when producing aluminum.

This conference call appears to demonstrate that nothing will change.
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