Alcoa (NYSE:AA) posted second-quarter 2025 results that exceeded expectations, overcoming pricing pressures and higher tariff costs with solid operational execution.
The company reported adjusted earnings per share of $0.39, beating analyst forecasts by $0.06. Revenue came in at $3.02 billion, topping the consensus estimate of $2.91 billion and rising 3.9% from the same period last year. However, revenue declined 10% sequentially from the first quarter due to weaker aluminum and alumina prices.
Adjusted EBITDA, excluding special items, totaled $313 million—down sharply from $855 million in the prior quarter, reflecting margin compression amid softer commodity prices and rising input costs.
Alcoa maintained its 2025 production targets for alumina at 9.5 to 9.7 million metric tons and for aluminum at 2.3 to 2.5 million metric tons. However, the company trimmed its aluminum shipment forecast to between 2.5 and 2.6 million metric tons, citing delays in restarting the San Ciprián smelter.
