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Alcoa Corporation (NYSE: AA): Q4 2019 Earnings Snapshot

— Aluminum supplier Alcoa Corporation (NYSE: AA) reported an adjusted loss of $0.31 per share for the fourth quarter of 2019, vs. $0.23 per share loss expected.

— Unadjusted net loss was $303 million or $1.63 per share for the quarter, compared to a profit of $51 million or $0.27 per share in the fourth quarter of 2018.

— Revenues decreased to $2.4 billion during the three-month period from $3.3 billion last year, vs. $2.47 billion expected

— During the quarter, the company initiated steps in a multi-year portfolio review and continuing work to strengthen its balance sheet

— Ended the quarter with cash on hand of $879 million and debt of $1.8 billion

— Predicts a global aluminum surplus ranging between 600 thousand to 1 million metric tons in 2020

— Expects bauxite shipments to range between 48 and 49 million dry metric tons in fiscal 2020

— Estimates total alumina shipments to be between 13.6 and 13.7 million metric tons this year; aluminum segment is expected to ship between 3 and 3.1 million metric tons

— Expects lower quarterly results in the Bauxite segment in the first quarter, due to lower pricing and seasonally lower volumes

— Expects annual operational tax rate ranging from 70 to 80 percent

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