Alcoa Corporation ( AA ) reported its first-quarter financial results after the bell Wednesday. Here's a look at the details. 

The Details: Alcoa ( AA ) reported quarterly losses of 81 cents per share. Quarterly revenue came in at $2.6 billion, beating the $2.56 billion analyst consensus estimate.

The company said third-party revenue increased 6% in the Alumina segment due to the higher average realized third-party price for alumina and higher shipments.

In the Aluminum segment, third-party revenue decreased by 3% due to the lower average realized third-party price for aluminum, driven by the unfavorable sequential impact of the Alumar smelter restart hedge program which ended in December 2023 and the timing of shipments.

The company reported alumina production decreased by 4% sequentially to 2.67 million metric tons on lower production from Australian refineries. Alcoa ( AA ) produced 542,000 metric tons of aluminum, consistent with its fourth-quarter output.

Alcoa ( AA ) said third-party shipments of alumina increased 6% sequentially, primarily due to increased trading. In aluminum, total shipments decreased 1% sequentially.

“In the first quarter of 2024, we finalized the terms of our acquisition of Alumina Limited, which will bring strategic, operational, and financial flexibility,” said Alcoa ( AA ) President and CEO William F. Oplinger.

“Raw material prices and markets are improving, and we are implementing near-term improvements to further strengthen Alcoa ( AA ) for the future,” Oplinger added.

Outlook: Alcoa ( AA ) still sees full-year alumina production of between 9.8 million and 10 million metric tons and full-year alumina shipments between 12.7 million and 12.9 million metric tons.

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AA Price Action: According to Benzinga Pro, Alcoa ( AA ) shares are up 3.52% after-hours at $36.80 at the time of publication Wednesday.