Alcoa Corporation (NYSE:AA) Q1 2022 Earnings Conference Call April 20, 2022 5:00 PM ET

Company Participants

James Dwyer - Vice President, Investor Relations

Roy Harvey - President & Chief Executive Officer

William Oplinger - Executive Vice President & Chief Financial Officer

Conference Call Participants

Alex Hacking - Citi

David Gagliano - BMO Capital Markets

Michael Dudas - Vertical Research

Chris LaFemina - Jefferies

Lawson Winder - Bank of America Securities

Lucas Pipes - B. Riley Securities

Carlos De Alba - Morgan Stanley

Timna Tanners - Wolfe Research

Emily Chieng - Goldman Sachs

John Tumazos - John Tumazos Very Independent Research

Operator

Good afternoon, and welcome to the Alcoa Corporation First Quarter 2022 Earnings Presentation and Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After todays' presentation, there will be an opportunity to ask questions. [Operator Instruction] Please note, this event is being recorded.

I would now like to turn the conference over to James Dwyer, Vice President of Investor Relations. Please go ahead.

James Dwyer

Thank you, and good day, everyone. I'm joined today by Roy Harvey, Alcoa Corporation President and Chief Executive Officer; and William Oplinger, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Roy and Bill.

As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced, the earnings release and slide presentation are available on our website.

With that, here's Roy.

Roy Harvey

Thank you, Jim, and welcome to everyone who is joining our first quarter earnings call. As you saw in today's press release, we had record quarterly results for profitability across three key measures: net income, adjusted net income and adjusted EBITDA, excluding special items. Bill will give more detail, but I'm pleased to report that it was a very solid quarter. We had net income of $469 million. Adjusted net income was $577 million. This is a 21% sequential improvement in more than 3x what we posted in the first quarter of last year. Adjusted EBITDA, excluding special items, was $1.07 billion. That's 20% higher than the prior quarter and more than double the same period in 2021. And with a focus on our capital allocation framework, we have also repurchased 1 million shares of common stock in the quarter.