Short answer
Alcoa Corp (AA) filed its fiscal 2017 10-K annual report with the SEC on Feb 26, 2018. It reported revenue of $11.7B (+25.0% year over year) and net income of $217M.
- Top risk flagged: CERCLA Superfund liability: joint-and-several cleanup claims for current, former, or acquired contaminated sites
FY2017 key financial metrics · XBRL
- Revenue
- $11.7B
- +25.0% YoY
- Net income
- $217M
- +154.3% YoY
- EPS (diluted)
- $1.16
- +153.0% YoY
- ROE
- 3.2%
- +8.4 pp YoY
- Operating cash flow
- $1.2B
- +493.6% YoY
Source: XBRL data from the Alcoa Corp (AA) FY2017 10-K on SEC EDGAR. USD.
Alcoa Corp FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Vertically integrated global producer of bauxite, alumina, primary aluminum, and rolled products, with commodity-linked pricing exposure
- New three-segment structure: Bauxite, Alumina, and Aluminum, combining smelting, casting, rolling, and most energy assets
- Strategic emphasis on third-party bauxite sales, including Australian export authorization for 2.5 million dmt annually
- 2017 output: 45.8 million dmt bauxite and 65% value-added aluminum smelter shipments
- First full year as an independent public company following November 1, 2016 separation from Arconic, including Rockdale permanent closure and Warrick restart plan
Management Discussion & Analysis
- Revenue $11,652, up $2,334, or 25% YoY, driven by higher aluminum and alumina prices and shipments
- COGS margin 77.9% vs 84.8%; SG&A margin 2.4% vs 3.9%
- Best segment Alumina: Adjusted EBITDA $1,289, up $911; Aluminum EBITDA up $284
- Operating cash flow $1,224; capex $405; no dividends, $247 paid to Arconic
- 2018 outlook: capex approximately $450, tax rate 35%-40%; risks include commodity volatility and higher caustic soda, bauxite, alumina and carbon costs
Risk Factors
- CERCLA Superfund liability: joint-and-several cleanup claims for current, former, or acquired contaminated sites
- Chinese subsidized aluminum exports: excess capacity threatening global prices and margin compression
- Trombetas mine: heavy rain and drought disrupted tailing ponds and washing plant operations in 2017
- LME warehouse-rule changes: increased load-out rates and fee caps could reduce regional premiums and aluminum prices
- Debt covenants: leverage ratio capped at 2.25-to-1.00, rising to 2.50-to-1.00 only in specified circumstances
Generated from the filing text; verify against the original. How to read a 10-K
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