- Alcoa Corp., the U.S. s biggest aluminum producer, has been experiencing such a strong rally in 2021 that the company is finally paying dividend to its shareholders.
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What is the front line of the U.S. Presidential election? The company will pay a 10 cent dividend to be paid on November 19th for stockholders of record at the close of business on October 29. This is the first time Alcoa has paid a dividend since 2015 when it split from the jets parts and oil business in 2016. The company also announced a $500 million share repurchase program.
Alcoa s stock has quadrupled from one year ago, helped by a historic surge in aluminum prices. The metal used in everything from automobiles to MacBooks to beer cans has got a boost from supply chain snags and an extreme shortage amid global demand.
The biggest U.S. aluminum producer reported earnings before interest, taxes, depreciation and amortization of $728 million, higher than the $697 million average of analysts estimates compiled by Bloomberg. Adjusted earnings per share was also a beat at $2.05, along with revenues of $3.1 billion.
None The company left expectations for its aluminum shipments unchanged at 2.9 million to 3 million metric tons.
The inflation pressure on raw materials and energy will continue, according to the statement.
None Last month analysts at Goldman Sachs Group Inc. and Citigroup Inc. boosted price outlooks for aluminum, citing larger production from China, the world's largest producer, and tighter fundamentals for metals across the globe.
None The earnings statement was released after the close of regular trading in New York where Alcoa shares closed up 0.4% to $48.60.
None Shares fluctuated after the close of markets on trading, in trading for third parties.
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