Short answer
Alcoa Corp (AA) filed its fiscal 2016 10-K annual report with the SEC on Mar 15, 2017. It reported revenue of $9.3B and net income of −$400M.
- Top risk flagged: U.S. tariff uncertainty: 2016 administration proposed significant import-tariff increases, potentially raising costs and weakening market access
FY2016 key financial metrics · XBRL
- Revenue
- $9.3B
- Net income
- −$400M
- EPS (diluted)
- −$2.19
- ROE
- -5.2%
- Operating cash flow
- −$311M
Source: XBRL data from the Alcoa Corp (AA) FY2016 10-K on SEC EDGAR. USD.
Alcoa Corp FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Aluminum value-chain model, mining bauxite and refining alumina into primary aluminum, cast, rolled, and energy products
- New independent public company November 1, 2016 after separation from Arconic, retaining upstream and Warrick rolling operations
- Strategic shift toward third-party bauxite, with Western Australia approval to export 2.5 million bdmt annually for five years
- Global footprint: 43 operating locations across 10 countries, approximately 14,000 employees across 15 countries
- Restructuring emphasis: Suriname mines and refinery closure, Point Comfort curtailment, and Warrick smelter permanent closure during 2016
Management Discussion & Analysis
- Revenue $9,318, down $1,881 or 17% YoY, reflecting lower alumina, aluminum and energy prices
- COGS margin 84.8% vs 80.7%, while net loss narrowed to $400 from $863
- Best segment: Rolled Products ATOI $79, up $61; worst: Alumina ATOI $43, down $374
- Operating cash flow used $311 vs $875 provided; capex $404, debt proceeds $1,228, no dividends declared
- Outlook: 2017 capex approximately $450; commodity-price volatility, depressed Brazilian energy prices and market access risks vald
Risk Factors
- U.S. tariff uncertainty: 2016 administration proposed significant import-tariff increases, potentially raising costs and weakening market access
- Chinese excess aluminum capacity and subsidized exports: potential global oversupply, price deterioration and margin compression
- Energy exposure: electricity, fuel oil and natural gas cost increases could render smelter operations uneconomic
- Customer concentration: four manufacturers exceed 90% of the North American aluminum beverage-can and bottle market
- Debt covenants: Revolving Credit Agreement limits leverage ratio to 2.25:1.00 and requires interest coverage of at least 5.00:1.00
Generated from the filing text; verify against the original. How to read a 10-K
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