Alcoa is trading 4.4% up at $42.22 after its October 15 report: third-quarter adjusted earnings of $1.82/share beat analyst expectations.
- $472 million in free cash flow; aluminum production grew for a sixth consecutive quarter. Revenue was $3.7 billion versus a reported $3.78 billion consensus.
- Management expected a roughly $30 million sequential Q4 raw-material and maintenance headwind. South32 approved Alcoa’s planned acquisition; Alcoa agreed to a Massena East sale for potential proceeds up to $315 million.
- Broad market conditions were mixed and do not clearly explain the gain.