Short answer
Alcoa Corp (AA) filed its Q1 2017 10-Q quarterly report on May 10, 2017 for the quarter ended Mar 31, 2017.
Alcoa Corp Q1 2017 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $2,655M, up $526M, or 25% YoY, driven by higher alumina and primary aluminum prices
- COGS margin 23.1% vs 12.4% YoY; SG&A margin 2.7% vs 4.0%
- Alumina best performer: Adjusted EBITDA up $282M; Aluminum up $41M, Bauxite up $33M
- Operating cash flow $74M vs negative $359M YoY; capital expenditures $71M and Yadkin proceeds $238M
- Near-term headwinds: approximately $30M higher energy costs and/or mark-to-market losses, plus higher second-quarter input and maintenance costs
Risk Factors
- Newly added financial contract hedge in January 2017, covering August 2017 through July 2021 electricity requirements
- Derivative exposure increased, assets $12 and liabilities $73 at March 31, 2017 versus $5 and $2 at December 31, 2016
- Level 3 valuation risk from unobservable aluminum prices reaching $2,761 per metric ton in 2036
- Power-market risk from spot electricity purchases following the smelter’s December 2016 unplanned outage
- Hedging-loss risk: $22 recognized in Other income and $50 in other comprehensive loss during first-quarter 2017
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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