(Corrects quote in third paragraph to read "the quarterlypoint-in-time full-year earnings", instead of "the poorlypoint-in-time full-year earnings")
* Does not provide EBITDA forecast, shares reverse course
* Sees global consumption growth for aluminum between 3-4pct
* Expects global aluminum deficit to continue
*
By SanjanaShivdasJan 16 (Reuters) - Top U.S. aluminum producer Alcoa Corp beat Wall Street estimates for quarterly profit onWednesday, buoyed by strength in its alumina segment, but sharesslipped after the company did not provide a closely watchedprofit measure for the full year.The company's shares were down 1.6 percent in extendedtrading, reversing course after rising as much as 3.5 percent to$30.Alcoa Chief Financial Officer William Oplinger said on apost-earnings call that the company was eliminating "thequarterly point-in-time full-year earnings before interest, tax,depreciation and amortization outlook" given the unprecedentedmarket volatility.Alcoa said it expected the global aluminum deficit to extendinto 2019 and estimated that its aluminum shipments would
decline 500,000 to 600,000 tons year over year."Demand growth for primary aluminum in 2019 is expected tobe robust, with global consumption growth in the range of 3percent to 4 percent, driven by continued strong growth inChina," Chief Executive Officer Roy Harvey said on the call.The company said it expected an alumina surplus in China in2019, driven by refinery expansions and lower-than-expectedsmelting production.
Strong sales of alumina to third-party smelters, whichjumped 20.8 percent to $1.13 billion, helped the company countera fall in aluminum prices.Pittsburgh-based Alcoa has reaped mixed benefits fromPresident Donald Trump's decision to impose tariffs on aluminumand steel imports into the United States. The company has beenhit by imports from its smelter in Canada.Alcoa, which is shuttering two of its aluminum plants inSpain, said it expected an annual net income improvement of $70million to $80 million beginning in the third quarter of 2019from the closures.Benchmark three-month aluminum prices on the London MetalExchange fell 5.7 percent in December, the steepest monthly dropsince June, as the United States said it would withdraw itssanctions on Russian aluminum giant Rusal .Net income attributable to Alcoa was $43 million, or 23cents per share, in the quarter ended Dec. 31, compared with aloss of $196 million, or $1.06 per share, a year earlier. Revenue rose 5.4 percent to $3.34 billion.On an adjusted basis, the company earned 66 cents per share.Analysts on average had expected a profit of 50 cents pershare, according to I/B/E/S data from Refinitiv. (Reporting by Sanjana Shivdas in Bengaluru; Editing by SrirajKalluvila and Peter Cooney)
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