=Alcoa (AA) reported earnings on Wed 18 July 18 (a/h)

Alcoa beats by $0.20, beats on revs; lowers full year adjusted EBITDA forecast 

• Reports Q2 (Jun) earnings of $1.52 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of $1.32; revenues rose 25.2% year/year to $3.58 bln vs the $3.49 bln Capital IQ Consensus.
• Co reports Q2 adjusted EBITDA of $904 mln.
• Co lowers 2018 projection for adjusted EBITDA to $3.0-3.2 bln from $3.5-3.7 bln due to current market prices and other factors.
• Co continues to project a full-year 2018 global deficit for both aluminum and alumina and a surplus for bauxite. In aluminum, the co expects a larger global deficit ranging between 1.1 million and 1.5 million metric tons, up from last quarter's estimate of between 600 thousand and 1 million metric tons.
• Global aluminum demand growth remains unchanged from last quarter, projected to be between 4.25 to 5.25 percent in 2018. In alumina, Alcoa is projecting a slightly lower global deficit between 200 thousand and 1 million metric tons, compared to last quarter's expectation of between 300 thousand and 1.1 million metric tons.