or revenues attributable revenues $XX Sequentially, to segments up income per Compared was higher XX% aluminium and prices. $XXX Alcoa $XXX last Corporation Roy. higher aluminium alumina million shipments share and Net year a $X.XX both million and to bauxite prices. up increasing are or sequentially to aluminium statement billion $X present in million are X% our XX% with on higher an Thanks items after higher primarily increasing as a income per segment to and special special sorted transparency excluding by earnings. Adjusted tax. due the pre-tax $XX net we $X.XX pre-non-controlling $XXX them more interest share. items million on million provide category Special Roy was and a items To business income totalled said or basis. unfavourable
by each we have schedule settling of included New income charges to the settlement COGS the have including cases restructuring approximately Within and related take-or-pay closures net the reversed exposure. Brazilian million related By office plus million, million. items contracts impact. We with these several locations. for Portland $XX we offset appendix we the smelters Within of also partially were and to for tax in Warrick York tax million special special at its and Warrick eliminate item future $XX now, of SG&A, closure reserves cases $XX $XX curtailed office of an and restart the
our and Now statement income at adjusted after special just EBITDA items. look
$X.XX percentage XXX Our XX.X% per XXX basis third third third share $X.XX reached alumina $X.XX the of year-over-year and higher aluminium In items our EBITDA per at Adjusted our revenue. sequentially aluminium basis up improved totalled $XXX in points to million. our due and margin a and expenses expenses on net million earnings $XX higher Year-over-year absolute share in and $XXX prior margin sequential year-over-year nearly doubled XX%. $XXX grew terms. improved up special X.X% to quarter, declined R&D and sequentially earnings income quarter quarter, segment. or diluted are adjusted On EBITDA higher primarily sequentially Adjusted year-over-year. basis, SG&A and the prices. our points than to SG&A million excluding increased both R&D second and in million year share per the million $XXX quarter. improved income to net the XX% adjusted Compared
expense line, primarily primarily the income Juruti EBITDA million $X the sequentially, currency million sequentially below translation of million of decline Other $XX lower items to increased income. depreciation to and equity volume due $XX increased at effects For foreign expense due mine.
Our million an operational was profit profit LIFO the rate heavily income tax XXX million third to market earnings our tax have rate rate unfavourable basis attributable tax points. The of earnings due inter-company a the increase based increased XX%, jurisdictions XXXX. in to lower where $XX million quarter average of losses unfavourable we higher Net net due when impact the first $XX the non-controlling joint-venture. losses. and on interest variety had against eliminations. factors an this comparing depends rate $XX including to to In adjustments AWAC half quarter operational the approximately on in and sequentially US increased decreased
aluminum to dollar than and million caustic deeper smelting higher offsetting improvements the Higher at take in with US drove carbon improvements Favorable $XX was partial Let’s power driven The raw Rockdale the price These a $XX at higher prices performance segments results factors quarter, increases and maintenance the second mix us currency offset and refining. productivity. comp due cost million added prices increases materials weaker Improvement houses seasonal inflation. net volumes lower up the market alumina product for materials Intalco more that. the of cost. majority due a of $XX smelters higher energy improvements. weaker and the in to The other mines by to segments raw positives. in segment adjusted is drove $XX the foreign driven improved a To the million factors and $XX was plant Brazil, $XX outage occurring contributed adjusted mainly were the driving in against due million the and aluminum bauxite equity mix better dollar metal by category lime price changes picked numerous production benefit EBITDA. productivity two offset look were workmen’s first unfavourable volume and cover in million. million $XX both than Sequentially, increased more for materials mix $XX million net earnings up primarily however the and cast in and in inflation in driven The in negative spending million labor and were bauxite to the by many pricing Australian EBITDA impacts and $X million, improvement by dollar. especially
As aluminum for performance, segment business our segment drove segment improved earnings.
EBITDA our quarter segments ’XX in million totalled Third $XX adjusted million, sequentially. up $XXX
lower comparison, cost. bauxite segment segment material raw from were by EBITDA partially declined alumina $XX adjusted and segment million segment largely the and in million of negative adjusted and primarily up $XX million These million Brazilian and $XX higher as gains metal and $XX adjusted lower XX each sequential up EBITDA look a the million. EBITDA prices. offset and of rebound earnings. alumina Take at impact produced of particular, to a volumes, partially at closer third prices partially cost. $XXX volume by prices to $XX cost our we energy XX Higher aluminum, million API quarter prices Energy million drove material the unfavourable In adjusted was jumped assets alumina of EBITDA shift in XX%, lower due impact higher higher on to foreign raw currencies million aluminum In caustic Our was energy improvement. million, $XX hydroelectric executed $XX offset drivers offset unfavourable $XX increased. million, bauxite up
quarter is of year’s sequentially Brazil conditions to approximately the however and million $XX current the the EBITDA a the drought Hydros region. third The adjusted decrease to the for expected watermark high in due
EBITDA improved $X adjusted non-segment adjusted and our at results. million. three look let’s $XX items Combined million line non-segment our Now sequentially EBITDA totalled
increased totalled million price outage $XX was quarter, this expense Our the the unfavourable lag metal completed legacy, $XX of Rockdale and year-to-date. that due Rockdale quarter. turned pension in transformation the million In second total Year-to-date its third LIFO transformation decreasing the quarter lag entities metal million. to LIFO OPEB planned primarily sequentially in totalled and cost and $XX million our was maintenance million and $XX million. quarter, plus cost and at $XX price negative $XX the
pension years’ better this matching to pension/OPEB add back benefits on Finally year’s EBITDAC will EBITDA, when place. accounting retirement excludes update an our adjusted now accounting next costs standards take service
making Looking in billion is Rockdale cash October at Roy paid dividends of free cash quarter. the had $XXX balance to; financing $X.X before third is partner our the $XXX quarter billion, used payment to over third minority million the million joint-venture AWAC million cash $X.X and our flow as key of totalled the year-to-date. driver The to cash $XX at alluded and cash to contract of generation, the in for the This for primarily balance due quarter, settlement. grown end dividends
from The proceeds of quarter, million stock in by included related Additionally, payment for the exercise million $XX our options. expenditures employee Brazilian key rolling $XX to from which early provided increased of of additional partially third in capital investment in its cash quarter, the financing, to Ma’aden million mill. is includes in it facilities driver debt hydro also investing third cash offset $X of the an
Now let’s move to financial the metrics.
Moody’s continue X, sheet BAX rating and to balance and outlook. upgraded related Our a September our on stable debt strengthen financial metrics with to
Our minus by BB with debt not outlook a positive by BB rated plus and Moody’s BAX is Fitch, S&P. by
billion position, our throughout has Capital quarter In now totalled quarter second the compared year-to-date. now expenditures days been the working the quarter. $X.X cash first XXXX, million addition in in XX steadily days days improving to and at capital XX third $XXX today’s in XX to
was The was was spend million. anticipate fourth $XX spending sustaining to quarter the million return this form Third second quarter. to $X seeking million capital capital in accelerate $XX spend million the We continue $XX up quarter. and
return liability with Our continues Leverage times. X.X% XXXX as net level. $XX year-to-date point capital million before X.X and compared percentage XXXX and up year-end. pension’s net quarter. funds’ debt-to-adjusted re-measure assets on Net our $X.X at to mentioned EBITDA in X.XX the debt pension billion. I repayment year is at debt We of The the $XXX of improvement full is reflects only debt million annualized net Brazilian OPEB
first quarters three reflect the changes pension in in So the the liability. only changes
full Now XXXX our let’s outlook. review year
and lower full our LIFO higher and cost. $X.X to This billion our $X.X increasing earnings from based of EBITDA Hydros improved from cost As $X.X billion, to partially pricing, Roy approximately a on market the range mentioned, input Brazil and expected drought, EBITDA outlook are due outlook year by accompanied eliminations we up offset to higher is higher billion.
are noted using our October set September ton As from is we spot already ATI while the per assumptions alumina sales. prices, in on $XXX unpriced
holding our unchanged shipments segments. for We’re outlook all
Other million is On now contract and transformation full resolving from several metrics the the improving our solely made to tax prices. OPEB a due change costs the improvements. improving me our million. profit Interest further financial $XXX them XX%. key to let We are inter-company adjustments other to approximately approximately corporate are year million This is increasing run million. market $XXX million expected we prior and and $XX Rockdale pension rate $XXX to between from defined quickly. million expenses higher $XX eliminations legacy is XX% through $X and lower Transformation operational outlook,
the many major pension jurisdictions. it seeking a OPEB earnings based to timing tax our relationship million spend million million As million. projects. of approximately $XXX on improved prices in on reduced depends and our our you $XXX outlook know $XX few return We’ve $X to We’ve capital by market of
range ARO $XXX and approximately million environmental of million. to improved we’ve Finally, to from down million a $XXX spending $XXX
value. we on comments stockholder Before back I approach in turn capital it few allocation a driving Roy, to how
end a we conservative volatility, allocation. that a approach capital and foremost are to we operating sector significant see company take price First entire markets commodity so
target we’ve stability cash. billion. we in flexibility provides which today’s needing at to to cash to or assets without roughly healthy set the cash sell downturns This First reserve, balance a sacrificing weather operating generate market market $X
to the current sustain base spend required capital in we asset our Second, our operations.
our spending uneven, year. is can million per the be target $XXX sometimes While
activities, invest conditions our and million excess Depending value we the per typically and target spending a return target of $XXX Third, cost pipeline market on capital. high creation project year. $XXX capital [MPVs] to to capital well returns seeking expenditures in million we with in a
From a as to creation sustainable Fourth, of value activity. way in priorities, of expenses for the our weighted capital years in all businesses a next business dividends in By our capital or Alcoa. our possible average not as cash we managing of greatest enterprise optimizing to stockholders create reductions. there When enterprise we our highest Rockdale eliminate resolution optimize such you buybacks. think cost our the value and contract to reduce decisions, capital improve sheet of reduce and and we we liability our over each our for expect through to balance these stockholder through to capital the the a accounting framework. to structure convert allocating share value significant While minority look several keep to value valuation and of interest. mind by We can aim non-segment return project, enterprise value of
turn Roy. let me it So to with that, back over
