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Leonardo da Vinci
(Updated - April 8, 2013 4:16 PM EDT)
Alcoa, Inc. (NYSE: AA) reported Q1 adjusted EPS of $0.11, versus the analyst estimate of $0.08. Revs of $5.83 billion, versus the consensus of $5.89 billion.
Adjusted EPS compares with $0.10 reported in the same period last year.
Alcoa said the stronger results were driven by "continued productivity improvements across all businesses, better mix, and higher volumes in the downstream business." Higher pension and planned maintenance partially offset gains.
Cash on hand at the end of the quarter was $1.6 billion and Alcoa hit record-low 28 days of working capital for the quarter.
Looking ahead, Alcoa affirms expectations for 7 percent global aluminum growth in FY13, though supply pressure caused the company to cut its surplus projection for aluminum "from 535,000 metric tons in the fourth quarter to 155,000 metric tons this quarter, driven by curtailments."
On Alba, Alcoa said it was actively negotiating with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to reach a resolution of their investigations of the Alba matter." Currently, no agreement has been reached.
"This was a strong quarter led by record profitability in our downstream business, improved results in our midstream business, and remarkable upstream performance in the face of weak metal prices,” commented Chairman and CEO Klaus Kleinfeld. “Our mid and downstream businesses now account for 72 percent of our total after-tax operating income while our upstream business continues to move down the cost curve."
Alcoa, Inc. (NYSE: AA) reported Q1 adjusted EPS of $0.11, versus the analyst estimate of $0.08. Revs of $5.83 billion, versus the consensus of $5.89 billion.
Adjusted EPS compares with $0.10 reported in the same period last year.
Alcoa said the stronger results were driven by "continued productivity improvements across all businesses, better mix, and higher volumes in the downstream business." Higher pension and planned maintenance partially offset gains.
Cash on hand at the end of the quarter was $1.6 billion and Alcoa hit record-low 28 days of working capital for the quarter.
Looking ahead, Alcoa affirms expectations for 7 percent global aluminum growth in FY13, though supply pressure caused the company to cut its surplus projection for aluminum "from 535,000 metric tons in the fourth quarter to 155,000 metric tons this quarter, driven by curtailments."
On Alba, Alcoa said it was actively negotiating with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) to reach a resolution of their investigations of the Alba matter." Currently, no agreement has been reached.
"This was a strong quarter led by record profitability in our downstream business, improved results in our midstream business, and remarkable upstream performance in the face of weak metal prices,” commented Chairman and CEO Klaus Kleinfeld. “Our mid and downstream businesses now account for 72 percent of our total after-tax operating income while our upstream business continues to move down the cost curve."
