Short answer
Alcoa Corp (AA) filed its Q3 2019 10-Q quarterly report on Oct 31, 2019 for the quarter ended Sep 30, 2019.
Alcoa Corp Q3 2019 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 sales $2,567, down 24% YoY from $3,390, driven by lower alumina and aluminum prices
- Cost of goods sold 83% of sales vs 73% YoY, reflecting lower realized prices and higher aluminum production costs
- Best segment Bauxite: production up 5%, Segment Adjusted EBITDA up $28; worst Alumina: EBITDA down $437
- Nine-month operating cash flow $424 vs $(87) YoY, with $245 capital expenditures and $347 net distributions
- Near-term headwinds: fluctuating prices, planned asset reviews, 1.5 million metric tons smelting capacity under review
Risk Factors
- No material changes stated, risks incorporated by reference to Alcoa’s 2018 Form 10-K
- Aluminum prices and premiums exposed to global supply-demand conditions and London Metal Exchange fluctuations
- Regulatory and legal exposure from government investigations, legal proceedings, and environmental remediation
- Operational risk from inability to achieve targeted profitability, margin, cost-saving, and cash-generation improvements
- Financing risk from deteriorating financial markets limiting credit availability on acceptable terms
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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