In Q3 2024, Alcoa Corporation (0HCB.L) reported impressive financial results, achieving a net income of $90 million, a significant turnaround from a net loss in the previous quarters. This represents a remarkable year-over-year increase of 153.57% and a quarter-over-quarter increase of 350.00%. Revenue stood at $2.904 billion, reflecting modest stability with a marginal QoQ decline of 0.07% but elevated by an 11.61% YoY growth amid fluctuating aluminum prices and demand.
Management attributed these results to rigorous operational efficiencies and strategic cost-cutting measures implemented across all segments, showcasing the company's resilience in a challenging macroeconomic environment. The positive trajectory of gross profit margin to 17.5% underlines improved pricing strategies and production efficiencies, which are integral for sustaining profitability going forward. Investors should note the strengthening of balance sheet metrics, providing a solid foundation to support future growth initiatives and dividends.