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Alcoa shares fall after Q2 results miss and guidance is trimmed
Alcoa said higher realized aluminum prices lifted revenue to $3.97 billion, but weather-related disruptions hurt its Alumina segment EBITDA.
Alcoa shares dropped after the aluminum producer reported Q2 2026 earnings and trimmed its full-year outlook, with part of the move tied to weather-related disruption at one of its Australian facilities, MarketBeat Ratings reported.
The company posted second-quarter earnings per share of $1.53, down from $1.60 in the prior quarter but up more than 140% from the year-ago period. Adjusted EPS was $2.12, missing the $2.25 estimate, while revenue rose to $3.97 billion from $3.19 billion, supported largely by a sharp increase in realized aluminum prices that was up around 31% year over year.
Adjusted EBITDA excluding special items was $901 million, up from $595 million in the prior quarter. Higher metal prices contributed $331 million to the gain, and volume added $64 million, but the Alumina segment underperformed, with segment EBITDA worsening to a loss of $96 million from a $40 million loss in Q1, according to the report.
MarketBeat Ratings said the stock was also pressured ahead of the earnings release by Alcoa’s planned $4.7 billion acquisition of South32’s bauxite, alumina, and aluminum assets. The deal includes $3.1 billion in cash, about 17 million newly issued shares valued at nearly $1 billion, $600 million in assumed net debt, and a contingent value right worth up to $750 million over four years, adding upstream operations across Australia, Brazil, and South Africa, Alcoa’s first foray into South African operations.