Alcoa Reports Middling 4Q Results; Near-Term Profit Outlook Strong, but We're Cautious Longer Term
Although Alcoa's fourth-quarter results fell short of consensus expectations, the company delivered impressive performance in 2017 overall. Alcoa generated $2.4 billion of adjusted EBITDA in 2017, more than double $1.1 billion in the prior year. This sizable improvement was driven predominantly by materially higher bauxite, alumina, and aluminum prices.Also in 2017, the company's net pension and OPEB liability increased roughly $400 million to $3.5 billion, due primarily to an adjusted discount...
Alcoa is a vertically integrated aluminum company comprised of bauxite mining, alumina refining, aluminum production (smelting, casting, and rolling), and energy generation. Through direct and indirect ownership, the company has 30 operating locations in nine countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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