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Alcoa AA Refinery — Deferred Energy Credit

Discontinued — last reported Q4 '19

Similar metrics at other companies

LyondellBasell Industries N.V. logo
LYBRefining — Amortization Of Power Contracts Emission Credits
$33M
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FECompetitive Energy Services — Amortization Of Regulatory Asset
$0
EVR
EVRGDeferral
$0
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VLOEthanol — Clean fuel production credit
$20M
EVR
EVRGAccumulated Deferred Investment Tax Credit
$154.1M-4.3%
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FEIntegrated — Deferral of regulatory assets, net
$0+100%

Other financials

Income statement

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Revenue$3.2B-5.2%
Gross profit$681.0M-26.9%
Net income$425.0M-22.5%
EPS (diluted)$1.60-22.7%

Balance sheet

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Cash & equivalents$1.4B+12.6%
Total debt$2.6B-2.6%
Total assets$16.6B+14.2%

Cash flow

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Operating cash flow-$179.0M-339%
CapEx$119.0M+28.0%
Free cash flow-$298.0M-1,556%

Valuation

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Market cap$16.29B+122%
Enterprise value$17.49B+101%
P/E15.8×+7.2×
P/S1.3×+0.7×

Profitability

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Gross margin15.2%-5.2pp
Net margin8.2%+1.4pp

Returns & leverage

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Return on equity1.3%+0.7pp
Debt / equity0.5×+0.1×
Current ratio1.5×-0.2×

Questions, answered.

What does refinery — deferred energy credit mean?
The value of energy-related incentives or credits earned by the refinery that will be recognized as financial benefits in future periods.
How do you interpret refinery — deferred energy credit?
An increase suggests the accumulation of future energy cost offsets, while a decrease indicates the utilization or expiration of these credits.
How does refinery — deferred energy credit compare across companies?
Comparable to deferred government grants or energy efficiency subsidies found in other energy-intensive industrial and mining companies.