Alcoa Will Face Margin Compression as Lower Aluminum and Alumina Prices Take Hold
Alcoa's fourth-quarter earnings release closes out a successful 2018 for the firm. The company delivered $3.1 billion of adjusted EBITDA for the full year, a 27% increase from the prior year. The company benefited from favorable aluminum and alumina prices, but we don't expect prevailing market conditions to persist. Instead, we forecast materially lower pricing for both commodities amid decelerating demand growth in China and faltering cost support. Accordingly, we expect Alcoa's adjusted EBITD...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.
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