Alcoa Shares Tumble In After-Hours Trading On Negative Alumina Segment Impact From US-Iran War

• For the Aluminum segment core profit, the company expects sequential favorable impacts of approximately $55 million in Q2.
• The company left its 2026 alumina and aluminum production and shipment guidance unchanged.
• For the first quarter, the company reported revenue of $3.193 billion, down from $3.369 billion a year ago, and below an analyst estimate of $3.3 billion.

Alcoa Corporation (AA) shares plunged 3% in after-hours trading Thursday after the company said that it expects a negative impact in the second quarter (Q2) on the Alumina segment owing to the ongoing U.S.-Israel war against Iran.

The stock closed the regular session flat at $70.41 before sliding sharply after hours.

The company said that it expects sequential unfavorable impacts of approximately $15 million in Q2 on the Alumina segment adjusted core profit, owing in part to higher energy prices due to the conflict in the Middle East.

However, for the Aluminum segment core profit, the company expects sequential favorable impacts of approximately $55 million, driven by higher shipments, inventory repositioning, and the completed restart of its San Ciprián smelter in Spain, partially offset by lower energy sales.

The company left its 2026 guidance unchanged: alumina production 9.7–9.9 million metric tons and shipments 11.8–12.0 million metric tons; aluminum production 2.4–2.6 million metric tons and shipments 2.6–2.8 million metric tons.

Q1 Numbers

For the first quarter (Q1), the company reported revenue of $3.193 billion, down from $3.369 billion a year ago, and below an analyst estimate of $3.3 billion, according to data from Fiscal AI.

Adjusted earnings per common share came in at $1.40, lower than the $2.15 reported in the corresponding quarter of 2025, and below an analyst estimate of $1.51, owing to shipment delays and lower volumes.

While third party alumina shipments decreased 31% in the quarter to 1.6 million metric tons due to seasonally lower first quarter shipments, Middle East conflict, and Cyclone Narelle, total shipments of Aluminum decreased 8% sequentially to 613,000 metric tons, the company said

“Our experienced team performed very well managing the impacts from the Middle East conflict and Cyclone Narelle. We delivered a solid quarter excluding shipment timing impacts, which we expect to realize in the second quarter of 2026,” CEO William F. Oplinger said.

Alcoa ended the quarter with $1.4 billion in cash and total debt of $2.551 billion.

How Did Retail Traders React?

On Stocktwits, retail sentiment around AA stock jumped from bearish to neutral territory over the past 24 hours, while message volume increased from low to normal levels.

AA stock has gained about 181% over the past 12 months. 

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