Alcoa (NYSE: AA) reported its Q3 results today, with quarterly EPS of $2.05 coming in better than the consensus estimate of $1.66, and representing the company’s highest quarterly earnings per share. The company also set a record for quarterly net income, which came in at $337 million.
Quarterly revenue was $3.1 billion (vs. Street of $2.91 billion) driven by higher aluminum and alumina prices, and higher premiums for value-add products.
The company anticipates a strong 2021 based on the continued economic recovery and increased demand for aluminum in all end markets, expecting the annual global demand for primary aluminum to increase approximately 10% year-over-year and to surpass the pre-pandemic levels in 2019.
The company announced the initiation of a quarterly cash dividend on its common stock of $0.10 per share expected to be paid on November 19 to stockholders of record as of the close of business on October 29.
In addition, the company authorized a new $500 million share repurchase program, in addition to the remaining $150 million under the company’s previously authorized share repurchase program.
Alcoa shares rose 6.07% in after-hour trading.
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