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      Alcoa Corp. (AA) Stock Leaping Forward in Aftermarket, Here’s Why - Stocks Telegraph

      By Hassan Masood

      Published on

      October 15, 2021

      4:24 AM UTC

      Alcoa Corp. (AA) Stock Leaping Forward in Aftermarket, Here’s Why - Stocks Telegraph

       Alcoa Corp. (AA), a company that produces and sells bauxite, alumina, and aluminium products together with its subsidiaries, has increased 6.07% in aftermarket trading sessions. Consequently, AA stock was trading at $51.55 when last checked. The increase has come after the company reported better than expected quarterly earnings for the third quarter of 2021. On Thursday, AA closed the day at $48.60 after increasing 0.45% during the regular trading session.

      Record Q3 2021 financial results

      In the late hours of Thursday, AA reported its highest quarterly earnings per share and net income. The performance bettered the results for prior quarter record financial results. The continued increase in aluminium prices is perceived to be the basic reason for these staggering results. According to the details, the sales by the company during the three months, ended 30th September 2021, were $3.1 billion against $2.3 billion for the same period of 2020. The cost of goods sold during the period was $2.32 billion against $2.03 billion for the same period of 2020. The total costs and expenses for the three months were $2.61 billion against $2.34 billion for the same period of 2020. The net income for the quarter stood at $370 million against the net loss of $20 million bore by the company during the same quarter of 2020. The record earnings per share for basic and diluted shares were $1.80 and $1.76 respectively against the loss per share of $0.26 for basic and diluted shares. The company had cash and cash equivalents of $1.45 billion on 30th September. The total assets in possession of the company were $14.19 billion, while the total debt was $1.8 billion.

      AA to achieve net-zero GHG emissions

      On 4th October, AA announced its ambition to achieve net-zero greenhouse gas (GHG) emissions throughout its global operations by 2050. The endeavour aligns with the company’s priority to advance sustainability as well as complements the company’s existing targets. They include reducing GHG emissions from the aluminium smelting plants and alumina refining operations by 30% by 2050. The company intended to use its low carbon portfolio to increase the use of renewables at its operation sites. The company further aims to reduce the emission profile of its alumina refining system and its smelting portfolio.

      Future for AA?

      During the last three months, AA stock has increased more than 47%, mainly due to a strong financial performance and expansion of business in new horizons. Analysts predict that based on recent indicators, the upcoming time could provide AA stock with a monumental performance improvement.

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