Alcoa Corporation (AA.US) first quarter revenue did not meet expectations. Second quarter tariff losses are expected to increase to 90 million US dollars.

After the US stock market closed on Wednesday, Alcoa Corporation (AA.US) announced its first quarter performance for 2025. The financial report showed that the company's Q1 revenue was $3.37 billion, a year-on-year increase of 29.6%, lower than market expectations; net profit was $548 million, compared to a net loss of $252 million in the same period last year; non-GAAP earnings per share were $2.15, exceeding expectations by $0.81. Alcoa Corporation stated that since the US President Trump imposed a 25% tariff on metal imports, the company has lost $20 million. The company has borne the cost of importing aluminum from its largest metal source, Canada. This disclosure is one of the first signs of US companies being negatively affected by the Trump administration's trade war. In the first quarter, Alcoa Corporation's alumina production decreased by 1% compared to the previous quarter, to 2.35 million tons. Aluminum business production decreased by 1% to 564,000 tons, mainly due to a reduction in production days during the period. In the alumina division, third-party alumina shipments decreased by 8% compared to the previous quarter, mainly due to reduced shipment times and volumes. In aluminum, total shipments decreased by 5% compared to the previous quarter, primarily due to the lack of Ma'aden purchase volumes and shipping times. Performance Outlook Alcoa projects that in 2025, total alumina production and shipments in the alumina division will remain unchanged from previous forecasts, at 9.5 to 9.7 million tons and 13.1 to 13.3 million tons, respectively. Aluminum total production and shipments in 2025 will also remain unchanged from previous forecasts, between 2.3 to 2.5 million tons, and between 2.6 to 2.8 million tons. In the second quarter of 2025, the aluminum division is expected to have a continued adverse impact of $90 million due to tariffs imposed by the US on aluminum imports from Canada.